THE Department of Energy (DOE) believes that the decline in world market oil prices will be sustained through Friday, paving the way for a price rollback next week.
‘In the past three trading days, the decline was almost $17 for diesel. This Monday, our estimate is around P8 per liter rollback if this will continue up to Friday,’ said Director Rino Abad of the DOE’s Oil Management Bureau during an online news briefing.
Oil companies raised pump prices this week by P4.88 per liter for gasoline, P8.82 per liter for diesel, and P6.47 per liter for kerosene. Oil companies adust their prices weekly to reflect movements in the world oil market.
Abad said based on the latest report monitored by the DOE, Saudi Arabia is now loading 14 million barrels of crude oil ready for export back through the Strait of Hormuz. ‘It sends the message that they will continue to supply their buyers. That will really drastically change the price trend; instead of going up, it’s going down. We just hope that more will be added,’ Abad said.
Energy Secretary Sharon Garin, meanwhile, reiterated that the Philippines cannot control global fuel prices because the country is an importer, and the ongoing conflict in the Middle East suggests the situation will not be resolved immediately.
Garin said that while the country must remain pragmatic but optimistic, Filipinos are urged to be mindful and control their fuel and electricity consumption.
The DOE said it is implementing various programs, and the nation currently holds a stable national average supply of approximately 53 days of inventory, which is well above the legally required 15 to 30 days.
‘You might ask, ‘How long will this continue?’ We cannot dictate what will happen. While all this is unfolding, the Philippines has no control over the global market, as we are an importer. I certainly do not wish to constantly deliver bad news.
‘We simply need to remain optimistic about the situation, yet proceed with caution; we must be pragmatic while maintaining optimism. We hope and pray for this to end, but we must be prepared. Given the developments in the Middle East, it is likely that this will not be resolved immediately. We cannot control prices, but we can control how we use fuel and electricity,’ Garin said.