DOE exec sees fuel price rollback on Tuesday, March 22, 2022

The Department of Energy (DOE) is expecting a rollback on fuel prices on Tuesday as "conditions are getting better," its Undersecretary Gerardo Erguiza said Monday.

Interviewed on GMA News’ Unang Balita, Erguiza said the price of gasoline may drop by almost P6, diesel by almost P12, and kerosene by almost 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 already an estimate. The industry also issued this. The average was done. So more or less, for gasoline is almost P6, almost P6, diesel is more than P11 almost P12, and kerosene is almost P9.)

While acknowledging better conditions surrounding the supply of fuel, Erguiza reminded that the situation of fuel prices remains volatile.

“Hopefully po. We cannot really speculate at this point but the conditions around are getting better. Medyo lumuluwag yata ang supply (The supply seems getting better),’ he said when asked if the rollback would continue.

“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. Japan was also hit by an earthquake. Two refinery plants are there.)

On Tuesday last week, fuel firms hiked diesel by P13.15 per liter, gasoline by P7.10 per liter, and kerosene by P10.50 per liter.

Prices of petroleum products have increased for 11 consecutive weeks since the beginning of the year, bringing the year-to-date adjustments for diesel to a net increase of P30.65 per liter, gasoline at P20.35 per liter, and kerosene at P24.90 per liter.

The government has released fuel subsidies for both public transportation and agriculture sectors to cushion any inflationary impact of the rising fuel prices. — Joviland Rita/RSJ, GMA News