The Department of Energy (DOE) has announced new fuel price adjustments effective Tuesday, May 19. Gasoline and diesel prices will increase, while kerosene will see a rollback.
Price Adjustments
According to Energy Secretary Sharon Garin, gasoline prices will rise by up to P1.21 per liter, while diesel will increase by P2.82 per liter. Meanwhile, kerosene will implement a rollback of at least P2.21 per liter.
Current Pump Prices
In Metro Manila and other highly urbanized cities, diesel is currently selling at P97.65 per liter, while gasoline ranges from P73.68 to P108.18 per liter.
Policy Review
Amid calls from some oil companies to scrap the mandatory price adjustment system, the DOE said it is reviewing the existing policy and studying whether adjustments are needed. Garin stated that the agency is considering company costs from suppliers and freight. The DOE is also coordinating with oil firms after their submission of data and expenses.
Fuel Inventory
Based on DOE data, the average fuel inventory in the country stands at 45.33 days, lower compared to 50.7 days last week.
