Fuel Prices Surge Over P10 Per Liter in Philippines

MANILA, Philippines — Diesel and kerosene prices are set to jump by more than P10 per liter on Tuesday, July 21, in another steep blow to motorists, transport operators and households already facing higher fuel costs. The Department of Energy announced Monday, July 20, the following pump price adjustments: Energy Secretary Sharon Garin attributed the increase to renewed tensions in West Asia that have disrupted the global oil supply chain and affected international prices. Garin said the Philippines, which imports 98% of its crude oil requirements, remains vulnerable to price swings caused by tensions involving Iran, Israel and the United States. "I know this is not the news anyone is hoping for, but we cannot change the direction of the global market," Garin said at a press briefing. Supply update. Despite the price spike, Garin assured the public that fuel supply in the country remains sufficient. "In fact, we are still above the legally required na 30 days. Umaabot na tayo ng 46 days of storage. Steady po ‘yung supply, pero ‘yung problema are the prices," Garin said. As of July 17, gasoline supply was projected to last for 43.37 days, diesel for 45.97 days and kerosene for 139.97 days. Jet fuel supply was projected to last for 82.31 days, fuel oil for 28.83 days and liquefied petroleum gas for 34.30 days. Basic goods steady for now. Despite the fuel price hike, the Department of Trade and Industry earlier said prices of basic goods are expected to remain steady for now since it has not received petitions from manufacturers to adjust suggested retail prices for basic necessities and prime commodities.