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The price revision follows last week’s sharp recovery, when pump prices dropped to P5.90 per liter of gasoline, P11.04 per liter of diesel, and P11.82 per liter of kerosene.
MANILA, Philippines – Pump prices will have a slight rebound or increase starting Tuesday, June 30.
At a press conference on Monday, June 29, Energy Secretary Sharon Garin announced the following price adjustments allowed for the week of June 30 through July 6:
- Gasoline – from a decrease of 10 centavos per liter to an increase of up to P1.90 per liter
- Diesel – from a decrease of P1.16 per liter or an increase of up to 84 centavos per liter
- Kerosene – from a decrease of 78 centavos per liter to an increase of P1.22 per liter
Before the recent revision, the price monitor of the Department of Energy (DOE) showed regular retail prices in Metro Manila at P73.00 per liter for gasoline RON95, P72.00 per liter for gasoline RON91, P69.10 per liter for diesel, and P97.50 per liter for kerosene for the week of June 23 to 29.
A price hike follows last week’s grand recapwhile pump prices dropped to P5.90 per liter for gasoline, P11.04 per liter for diesel, and P11.82 per liter for kerosene.
Last week’s pullback came after global oil prices fell on hopes that an easing of hostilities between the US and Iran would reduce supply risks in the Middle East, including concerns over the Strait of Hormuz. The narrow waterway is one of the world’s most important oil shipping lanes, so any threat to shipping traffic there could increase oil prices.
But those hopes have been tested by renewed hostilities. Oil prices rose again after fresh trade talks between the US and Iran raised fears of disruptions in the Persian Gulf and slowed shipping through the Strait of Hormuz. The US and Iran have done so ever since agreed to cease attacks and resume negotiationsbut this may not yet be included in this week’s oil price.
The DOE had warned in its the latest fuel monitor that while crude prices had decreased in anticipation of improving the flow of Hormuz and the possibility of the return of Iranian supplies, the decrease could still be limited by the limited inventory and the uncertainty beyond the temporary ceasefire period.
The same DOE monitor said Dubai crude prices fell by around $14 per barrel during the June 15 to 19 trading session. International prices of gasoline, kerosene and diesel also fell by around $12 per barrel, $23 per barrel and $21 per barrel, respectively.
However, the DOE also noted that new military exchanges have “dominated geopolitical concerns,” driving crude prices higher after the week’s earlier price action was weighed down by expectations of a US-Iran peace deal.
Despite last week’s rollback, local pump prices have remained above levels seen before the conflict between Iran and the US-Israeli forces began on February 28. In the last full week before the conflict, DOE data showed regular retail prices in Metro Manila at P56 per liter for RON95 gasoline, P54.70 per liter for RON91 gasoline, P54 per liter for diesel for 3 liters.
The Philippines is a wholesale importer of petroleum productsmaking domestic pump prices vulnerable to fluctuations in global oil prices and disruptions in international supply lines. – Rappler.com
