Price hikes in diesel, kerosene; rollback in gasoline

Local oil companies confirmed the mixed movement of fuel prices this week — with diesel reversing its two straight weeks of rollback as its price increases by P1.20 per liter.,In separate advisories, oil firms said the price of kerosene also increases by P2.45 per liter while gasoline, which was on a hike last week, will go down by P1.70 per liter.,Data from the Department of Energy (DoE) as of 24 May showed that the year-to-date adjustments of fuel prices stood at a net increase of P29.10 per liter of diesel, P25.55 per liter of gasoline, and P25.20 per liter of kerosene.,Last week, oil companies implemented a price increase in gasoline by P3.95 per liter contrary to diesel and kerosene which dropped by P2.30 and P2.45 per liter, respectively.,Oil companies announce price adjustments every Monday to be implemented on the following day’s morning.,They adjust their prices every week based on the movement of the Mean of Platts Singapore — the regional pricing benchmark adopted by the deregulated downstream oil sector.,Being a net importer of oil, importers and even the government cannot assure motorists of a continued oil price deduction because the country is directly affected by the volatility in the international market.,Apart from the transportation sector, the agriculture sector is also affected by the fuel price hike.,The Department of Agriculture (DA) last week extended the permit to import fish to match the perceived 90,000 metric tons (MT) supply shortfall as local fishers hardly went out due to the high prices of fuel.,Agriculture Secretary William D. Dar extended the validity of the 38,695 MT that represents the unused balance of the previous permit for 60,000 MT.,Dar noted that the Palawan commercial fishing groups hardly went out due to high fuel costs, thus unloading of galunggong or round scad declined considerably.,He reaffirmed that making fisherfolk productive and competitive remains the Department’s priority to reduce the country’s reliance on imported fish and shield the local industry from the adverse impact of rising fuel prices and logistics bottlenecks and restrictions due to the Covid-19 global pandemic.