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MANILA, Philippines — Local fuel prices are moving “closer” to pre-Middle East crisis levels as retailers implement a major rollback, which will take effect on June 2.
At a media briefing on Monday, Energy Secretary Sharon Garin announced substantial cuts per liter in the prices of diesel (P9.26), gasoline (P4.76) and kerosene (P10.86).
The Department of Energy (DOE) now has the power to dictate minimum rollbacks and maximum increases that fuel retailers can implement, despite the existence of the oil deregulation law. The law removed government control over pricing to allow oil companies to become more competitive by letting market forces determine the pump prices of petroleum products.
Last week, diesel, gasoline and kerosene prices had upward adjustments of P1.96, P1.60 and P1.45 per liter, respectively.
