Oil firms will increase the prices of diesel and kerosene by P0.25 and P0.30 per liter, respectively, effective 6 a.m. today (Tuesday) to reflect the movement of prices in the world oil market.
They, however, cut the price of gasoline by P0.10 per per liter.
Seaoil Philippines, Jetti Petroleum, PTT Philippines, Cleanfuel and PetroGazz issued separate announcements on the latest oil price movement.
Department of Energy director for the oil industry management bureau Rodela Romero said the price movement was influenced by reports that the Organization of the Petroleum Exporting Countries remains optimistic on oil demand growth despite economic and geopolitical uncertainties.
“This is further complemented by the China’s clarification on its stimulus program to bolster growth in its struggling economy and US inventory draw,” the DOE official said.
On May 14, the oil companies implemented a per liter decrease in gasoline by P2, diesel by P0.50 and kerosene by P0.85.
Year-to-date adjustment of gasoline and diesel stood at a per liter net increase of P7.25 and P4.20, respectively.
Kerosene, on the other hand, has a net decrease of P1.65 per liter.
Meanwhile, the DOE has published the Department Circular 2024-05-0014 prescribing the guidelines on he biofuel blend implementation.
Under the circular, all diesel fuel distributed and sold by all downstream oil industry (DOI) participants in the country shall contain biodiesel blend at three percent effective October 1, 2024, 4 percent effective October 1, 2025, and 5 percent effective October 1, 2026.
The department said DOI participants may offer consumers gasoline fuel containing 20 percent bioethanol blend on a voluntary basis.
It said DOl participants shall strictly comply with the applicable DOE DCs with respect to the Philippine National Standards (PNS) for diesel and gasoline with biofuel blend.
DOE said the oil industry shall implement measures to ensure that all requirements for the transition to the higher biofuel blend are in place on or before the date set in the circular for diesel, and for gasoline.
It said DOl participants shall have sufficient and compatible storage capacity to accommodate the expected increase in biofuel supply; sufficient blending facility and implementation of accurate blending procedure; and sufficient and compatible transport system to accommodate the delivery of higher biofuel blend.