Diesel prices jump more than P5/L as Iran war tightens supply outlook

MOTORISTS will face higher fuel costs this week after oil companies implemented another round of price increases, with diesel rising by more than P5 per liter (L) amid renewed concerns over supply disruptions linked to the Iran war.

The Department of Energy (DoE) on Monday said gasoline prices might move by a rollback of up to P1.70 per liter or an increase of as much as P0.30 per liter starting June 9.

Diesel prices are set to increase between P3.77 and P5.77 per liter, while kerosene may rise by P6.10 to P8.10 per liter, according to the DoE advisory.

Fuel prices in Metro Manila could reach as high as P86.44 per liter for gasoline and P88.31 per liter for diesel based on the latest industry data.

Energy Secretary Sharon S. Garin earlier said fuel prices have been gradually returning to pre-conflict levels following recent rollbacks, while also signaling a possible shift toward reduced regulatory intervention in pump-price adjustments.

As of June 5, the country’s total fuel stockpile stood at 47.09 days, up from 45.97 days a week earlier, according to government data.

Diesel inventories are sufficient for about 45.21 days, while gasoline stocks cover 44.81 days. Kerosene stockpiles can last 143.09 days, jet fuel 73.25 days, fuel oil 41.01 days and liquefied petroleum gas 45.04 days. — S.J. Talavera