MANILA — Fuel price adjustments expected next week will bring a mix of increases and decreases for motorists.

Gasoline is forecasted to see a rollback of P0.40 to P0.70 per liter, while diesel prices may remain steady or experience a minor rollback of up to P0.20 per liter.

Kerosene prices, on the other hand, are anticipated to rise slightly by P0.10 to P0.20 per liter.

These projections, reported by Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero, reflect international trading data from the past week.

Romero highlighted several global factors impacting prices, including ongoing tensions in the Middle East and rising U.S. fuel demand amid reduced crude inventories.

Despite recent concerns, there is optimism for diplomatic developments that could stabilize the region, especially following signals from Israel.

Fuel companies are expected to announce finalized price adjustments on Monday, with changes to take effect on Tuesday (05 Nov 2024).

As of October 29, gasoline and diesel have shown net price increases for the year of P8.75 and P6.55 per liter, respectively, while kerosene reflects a net decrease of P3.10 per liter year-to-date.

MANILA — Motorists can expect a drop in fuel prices this week as several oil firms announced rollbacks following last week’s price hike.

Starting Tuesday, August 27, Chevron Philippines (Caltex), Seaoil, and Shell will lower the price of gasoline by ₱1.15 per liter, diesel by ₱1.90 per liter, and kerosene by ₱1.80 per liter. Cleanfuel will also implement similar cuts, excluding kerosene, at 12:01 a.m. on the same day.

The Department of Energy-Oil Industry Management Bureau attributed the rollback to ceasefire talks in Gaza and production recovery from Libya’s Sharara Oilfield.

Last week, prices were hiked by ₱1.00 for gasoline, ₱1.20 for diesel, and ₱1.00 for kerosene. Despite these adjustments, year-to-date changes show a net increase of ₱8.05 for gasoline, ₱5.95 for diesel, and a net decrease of ₱2.15 for kerosene.

ia/mnm

MANILA — Motorists should brace for a fuel price increase starting the first week of September, following recent substantial reductions.

Industry estimates, based on international oil trading data, suggest an uptick in domestic pump prices, likely to take effect on Tuesday (03 Sept 2024).

Here are the expected Price Changes:

Gasoline: ₱0.20 to ₱0.45 per liter
Diesel: No change to an increase of ₱0.20 per liter
Kerosene: ₱0.45 to ₱0.55 per liter

Rodela Romero, Assistant Director of the Department of Energy’s Oil Industry Management Bureau, indicated that Friday’s trading results will finalize the adjustments, effective September 3, 2024.

The anticipated rise is attributed to escalating geopolitical tensions and a sudden halt in Libyan oil production, which has impacted global markets.

Romero noted that while the U.S. Federal Reserve’s potential rate cuts could boost global economic activity and crude demand, economic uncertainties in the U.S. and China have introduced volatility.

Previously, fuel companies reduced prices on August 27, 2024: gasoline by ₱1.15 per liter, diesel by ₱1.90 per liter, and kerosene by ₱1.85 per liter.

Year-to-date, gasoline prices have risen by ₱6.90 per liter, while diesel has increased by ₱4.05 per liter. Kerosene has seen a net decrease of ₱4.00 per liter.

el Amigo/mnm

MANILA — Industry sources reported on Friday (31 May 2024) that fuel prices will experience mixed changes next week.

Gasoline prices are expected to decrease by 60 to 90 centavos per liter, while diesel prices are set to increase by 40 to 60 centavos per liter. Additionally, kerosene prices will rise by 75 to 90 centavos per liter.

These projections are based on the four-day trading period of the Mean of Platts Singapore (MOPS), the benchmark for refined goods pricing in Southeast Asia.

The Department of Energy’s Oil Industry Management Bureau (DoE-OIMB) explained that next week’s fuel price movements are influenced by various global oil-related developments.

“Based on the four-day trading in MOPS, mixed movements will be seen in the prices of petroleum products next week, starting Tuesday, June 4, 2024,” stated DoE-OIMB Director Rodela Romero.

“The primary factors include the Organization of the Petroleum Exporting Countries’ decision to maintain production cuts, a slight increase in seasonal demand due to the upcoming summer season, and the U.S. government’s announcement to release millions of barrels of gasoline from reserves to reduce pump prices,” she added.

(Rep. el Amigo/MNM)

IN PURSUIT of adopting alternative fuels in the transport sector particularly in the aviation industry, the Department of Energy (DOE) is collaborating closely with the country’s aviation sector and international partners to decarbonize commercial aviation industry through the use of sustainable aviation fuel (SAF).

SAF is an environmentally sustainable and chemically identical alternative to fossil fuel-based aviation fuel.

SAF can be processed from plant and used oil feedstock such as forestry and agricultural waste and used vegetable oils.

In the Philippines, one potential feedstock for SAF is coconut oil (CNO), which is also used for biodiesel production.

Alongside this, the DOE acknowledges international initiatives such as the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) established by the International Civil Aviation Organization (ICAO) which offers a harmonized way to reduce emissions from international aviation.

CORSIA allows the use of SAF derived from biomass or waste resources in order to reduce the carbon offsetting requirements of airlines.

Under the CORSIA’s timetable, participating ICAO Member States are mandated to comply with the CO2 off-setting requirements by 2024-2026 while the mandatory compliance was set for 2027-2035.

The Philippines as ICAO member joined CORSIA in December 2018 through the Civil Aviation Authority of the Philippines (CAAP).

Likewise, Section 9.2 of Republic Act (RA) No. 9367 or the Biofuels Act of 2006 which establishes the National Biofuels Board (NBB) is mandated to recommend to the DOE the use of biofuel blends in air transport considering the safety and technical viability.

In February 2023, a stakeholders meeting was conducted among the DOE, CAAP, Philippine National Oil Company (PNOC) and the European Aviation Safety Agency (EASA) to discuss the potential advantage of exploring SAF in the country in preparation for CORSIA’s compliance by 2027.

EASA has also prepared a proposal for the SAF readiness evaluation for the Philippines, and it is expected to be completed by December 2023.

“The use of SAF is intended to reduce the carbon footprint associated with aviation operations. This alternative fuel source, derived from renewable feedstock, holds the potential to lower greenhouse gas emissions (GHG) while ensuring the highest safety and performance standard,” Undersecretary Alessandro Sales said.

“As a commitment to creating a sustainable aviation transport sector that will contribute to the broader national efforts towards a low-carbon future, the DOE is working to establish the necessary framework and regulations to support the adoption of SAP,” Undersecretary Sales added.

(ai/mnm)