The Department of Energy (DOE) expects a rollback in fuel prices on Tuesday because “conditions are improving,” according to Undersecretary Gerardo Erguiza.
Erguiza claimed in an interview with GMA News’ Unang Balita that the price of gasoline might reduce by nearly P6, diesel by almost P12, and kerosene by nearly P9.
“Meron nang estimate. Nilabas na rin ng industry. Natapos na yung average. So more or less ang lumalabas sa gasoline is almost P6, diesel is more than P11 almost 12, and kerosene is almost P9,” he said.
(There is an estimate; the industry has also given one; the average has been calculated; roughly, gasoline is approximately P6, diesel is more than P11, practically P12, and kerosene is almost P9.)
While appreciating improved gasoline supply conditions, Erguiza cautioned that the situation with fuel prices remains fragile.
“Hopefully po. We cannot really speculate at this point but the conditions around are getting better. Medyo lumuluwag yata ang supply (The supply seems to get better),’ Erguiza said when asked if the oil price rollback would continue.
Fuel price rollback possible on Tuesday, March 22 – DOE
“But at the end of the day, alam po natin na napaka-volatile ng situation. Ngayon medyo nakatulong din. Siguro we can only say dahil dito sa mga events na na-attribute sa China, may pandemic so economic activity nila bumababa. Sa Japan din nagkaroon ng earthquake may dalawang refinery plant doon,” he added.
(But at the end of the day, we know that the situation is very volatile. Perhaps, we can only say that this is due to the events attributed to the pandemic in China leading to low economic activity. An earthquake also hit Japan. Two refinery plants are there.)
Last Tuesday, fuel companies raised diesel prices by P13.15 per liter, gasoline prices by P7.10 per liter, and kerosene prices by P10.50 per liter.
Since the beginning of the year, petroleum prices have risen for 11 weeks in a row, bringing the year-to-date adjustments for diesel to P30.65 per liter, gasoline to P20.35 per liter, and kerosene to P24.90 per liter.
To offset the inflationary impact of rising gasoline prices, the government has released fuel subsidies for public transit and agriculture.
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