DOE: Diesel, kerosene prices may rise by over P1 per liter

Filipinos can expect a hike in fuel costs this week, with diesel and kerosene prices set to rise by more than P1 per liter. The Department of Energy (DOE) released its latest fuel price adjustment forecast on Monday, indicating potential increases for these essential fuels while gasoline prices are expected to see a slight rollback or a marginal increase.

According to the DOE's forecast, diesel prices could climb between P1.57 and P3.57 per liter. Kerosene prices are also anticipated to increase, with adjustments ranging from P1.70 to P3.70 per liter. Gasoline prices, however, are projected to experience a rollback of P1.75 or a slight increase of up to P0.25 per liter. These adjustments are scheduled to take effect on Tuesday, July 7, and will remain in place until Monday, July 13.

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Although Dubai crude prices have returned to their pre-war levels, we are still paying a premium for diesel.

The country's overall oil and fuel supply is currently robust, estimated to last for 46.50 days. Specific inventories include gasoline supply for 43.72 days, diesel for 43.81 days, and kerosene for a substantial 177.50 days. Supplies for jet fuel, fuel oil, and liquefied petroleum gas are also adequate, lasting 84.93, 36.45, and 42.28 days, respectively.

Despite stable global crude oil prices, DOE Undersecretary Alessandro Sales explained that current pump prices have not returned to pre-war levels. The Philippines' significant reliance on imported oil and fuel supplies means global market dynamics directly impact domestic costs. "Although Dubai crude prices have returned to their pre-war levels, we are still paying a premium for diesel," Sales noted. He elaborated that diesel prices remain approximately $22 per barrel higher than before the conflict began, a factor that directly reflects in the prices consumers pay at the pump.

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The price of diesel is 22 dollars higher per barrel compared to its pre-war price. So it reflects on our pump price.