MANILA, Philippines – Gasoline prices are set for a substantial rollback starting Tuesday, October 20, although diesel prices will rise again as global fuel markets continue to face supply disruptions.
The Department of Energy (DOE) announced the following permitted price adjustments for October 20 to 26:
- Gasoline – rollback of at least P4.30 per liter
- Diesel – increase of up to P2.60 per liter
- Kerosene – rollback of at least P1 per liter
This moves opposite of last week’s adjustments, when gasoline prices increased by P1.56 per liter and kerosene by P1.77, while diesel dropped by P3.01 per liter.
The latest gasoline rollback comes amid improving availability in Asian markets. China has resumed refined petroleum product exports following a brief suspension earlier in October.
Diesel, however, continues to face tighter global supplies, with inventories remaining low even as governments move to release emergency stocks. Higher freight costs have also added pressure to diesel prices.
The DOE said global fuel prices remain affected by developments in the Middle East, where attacks on shipping and energy infrastructure continue to threaten oil supply.
Local pump prices also remain well above levels seen before fighting involving Iran and US-Israeli forces broke out on February 28. In the last full week before the conflict, DOE data showed common retail prices in Metro Manila at P56 per liter for gasoline RON95, P54.70 per liter for gasoline RON91, P55 per liter for diesel, and P83.47 per liter for kerosene.
The Philippines is a net importer of petroleum products, making local pump prices vulnerable to global oil price swings, foreign exchange movements, regional refined fuel prices, and disruptions in international supply routes.
Separately, excise taxes on liquefied petroleum gas and kerosene remain suspended under Executive Order No. 125, issued by President Ferdinand Marcos Jr. in September. The tax relief does not cover gasoline or diesel. – Rappler.com