Slight fuel price rollbacks take effect this week

CEBU, Philippines — The Department of Energy (DOE) announced another round of fuel price rollbacks this week, while urging the public to remain cautious as the continuing conflict in the Middle East could still trigger another increase in global oil prices.

Speaking during a virtual press conference on Monday, DOE Secretary Sharon Garin said pump prices will decrease effective Tuesday, August 4, by P0.73 per liter for gasoline, P0.60 per liter for diesel, and P2.09 per liter for kerosene.

Although the reductions are modest, Garin said every rollback helps ease the financial burden on Filipino families, public utility drivers, farmers, and small businesses affected by high fuel costs.

She warned, however, that the situation in the Middle East remains volatile, particularly if tensions involving the United States, Iran, and Israel escalate, which could once again drive up global oil prices.

Garin encouraged the public to continue conserving fuel and electricity while there is still no permanent resolution to the conflict.

While the price of liquefied petroleum gas (LPG) increased this month, the energy chief assured consumers that the country’s LPG supply remains stable and sufficient.

She also disclosed that the DOE, together with the Philippine National Oil Company (PNOC), is studying the establishment of a Philippine Strategic Reserve, a government-owned fuel storage facility intended to strengthen the country’s energy security and reduce dependence on private storage facilities and imported fuel during supply disruptions.

According to Garin, the government learned important lessons from the recent escalation of the Middle East conflict, making it necessary for the country to build its own fuel stockpile to extend national fuel inventories during emergencies.

Meanwhile, the DOE continues to work with the Philippine National Police (PNP), the Department of the Interior and Local Government (DILG), and the National Electrification Administration (NEA) to combat fuel smuggling, fuel adulteration, and other illegal activities that compromise fuel quality and harm consumers. — (FREEMAN)