Fuel prices may decrease for up to P20 this week—DOE
Motorists may finally get some relief at the pumps as fuel prices are set to go down by as much as P20 per liter this week, according to the Department of Energy.
In an announcement by Energy Secretary Sharon Garin on her Facebook page, the prices of different fuel products will roll back starting on Tuesday, April 14.
"It’s based on the average of the last five days of international prices and comparing that to the average of the previous week," Garin stated.
While not all gas stations have the same pump prices, she noted that the minimum rollback for diesel is P20.89 per liter, while gasoline will be decreased by P4.43. Kerosene, on the other hand, will see a reduction of P8.50 per liter.
The prices will remain in place until April 20.
Speaking to Super Radyo dzBB, Garin also stated that fuel prices may no longer return to P60 per liter as the Middle East conflict has caused severe damage to oil facilities.
"Kung two weeks lang 'yung gyera, bababa. But the structural damage has already been done. It will take a long time to fix the facilities. Bababa man, hindi kasing bilis nung pag-akyat [ng presyo]. Baka hindi na tayo aabot ng tulad ng dati na P60 per liter ang diesel dito," she said.
The Philippines is currently reeling from severe fuel price hikes brought about by the ongoing tensions in the Middle East. The conflict began when Israel, in coordination with the US, launched airstrikes on Iran on Feb. 28, taking out Iranian Supreme Leader Ali Khamenei. Retaliatory attacks have upended the region, as well as markets across the globe.
The Philippine government has now implemented several measures in an effort to cushion the effect on consumers, including adopting a four-day work week in some government agencies.
President Ferdinand Marcos Jr. has also signed into law Republic Act 12316, which will give him the authority to suspend or reduce fuel excise tax. However, he has yet to exercise this power.
Garin previously said that the Philippines has an adequate fuel supply for 50 more days.