Diesel rises to P12.90/L as gasoline hikes easing
Rising fuel prices have persisted a month after the Iran war, but gasoline and kerosene prices have eased this week.
Kerosene is set to rise by P1 to P2.40 per liter while gasoline prices would go up by P1 to P2.90 a liter effective March 31.
But some firms would implement a rollback of P2.35 per liter for gasoline starting Tuesday. The Department of Energy (DOE) did not name these companies.
Diesel would increase by P4.50 to P12.90 a liter by Tuesday, data from the DOE and fuel retailers showed on Monday.
A source said last week the “easing” gasoline prices could be attributed to “de-escalation signals” in the Iran war.
“Gasoline prices, which closely track crude and regional supply risks, softened as fears of prolonged supply outages are somewhat reduced,” he said.
In comparison, last week’s price movements ranged from P8 to P12 per liter for gasoline; P15 to P18 for diesel; and P12 to P22 for kerosene.
Power rates
Seaoil said it would not implement any price increase for gasoline.
“For now, we’re holding off on gasoline price increases to give motorists a bit of relief where we can,” the company said.
Spot power prices are seen exceeding P9 per kilowatt hour (kWh) as the Middle East conflict continues to disrupt the global oil market.
The figure could translate to an increase of more than P5 per kWh from the average price of P3.50 per kWh logged in February.
To soften the impact by as low as P2 per kWh, the DOE had earlier ordered the full dispatch of indigenous sources and coal-fired power plants. Generation companies are likewise directed to explore feasible fuel alternatives.
The Energy Regulatory Commission, meanwhile, suspended the operations of the Wholesale Electricity Spot Market to curb further price spikes.
