Gasoline prices will fall by a steep P16.80 per liter this week, with diesel going down by P4.10 per liter and kerosene by P3.70 per liter — the biggest reduction seen in recent weeks — as fuel companies implement the rollbacks starting Tuesday morning, the Department of Energy (DOE) confirmed on Monday. The cut comes after five straight weeks of mixed price movements, and follows last week’s adjustment where gasoline went up P3.50 per liter while diesel and kerosene dropped by P1 and P1.90 respectively.
Energy Secretary Sharon Garin explained the large decrease is tied to easing tensions between the United States and Iran, noting that global market conditions — not government control — determine local rates. “Prices are set by the international market,” she said during a virtual briefing. “This simply shows that decisions on fuel costs are not within the power of the Philippine government.”
With the latest adjustment, the average price of regular gasoline in Metro Manila — which stood at P89.10 per liter for the week ending November 9 — will fall significantly, though it remains far higher than the P53 per liter recorded in late February before Middle East conflict pushed global costs upward. Diesel was averaging P93.30 per liter and kerosene at P122 per liter in the National Capital Region before this week’s rollback.
The DOE also noted the country’s total fuel supply stood at 50.33 days as of November 6, down from 52.95 days a week earlier. Gasoline reserves dipped slightly to 51.64 days, while diesel supply fell to 53.95 days. Kerosene inventory remained ample at 143 days, though LPG supplies dropped to just under 30 days from 35 days previously. Industry players including Seaoil confirmed they will apply the full price reductions starting Tuesday morning across all fuel types.
