Effective May 24, 2022, diesel prices might be reduced by as much as Php 2.00 to Php 2.20 per liter. But it’s not the same for gasoline as prices are seen to soar by Php 3.80 to Php 4.00 per liter. The said fuel price update is based on a report shared by the PH Fuel Watch Facebook page.
Diesel users can breath a sigh of relief at least for this week
The said price adjustments for May 24 also come on the heels of prior reports indicating the uptick in gasoline prices. Then again, there was a Php 1.27 diesel roll back last week. Gasoline in turn increased by Php 3.71.
Coming back to the upcoming price adjustment and considering the prior adjustments as well, we can say that it isn’t looking too great for gasoline users.
If we consider the year-to-date figures from the Department of Energy, diesel prices have still increased by a massive Php 31.40 per liter, while gasoline has had a net increase of Php 21.60 per liter.
As a side note, the year-to-date increase for kerosene currently stands at Php 27.65 per liter. Suffice to say, it isn’t looking too great as well.
Of note, the said price adjustments will still be subject to change. The factor that will matter in this is the difference in prices between the several oil companies operating in the Philippines.
Gasoline users will need to continue to tighten their belts
On a larger scale, the price adjustments themselves hinge on the global prices of crude, global developments like the reported easing of sanctions by the United States on the oil-rich but economically distressed country of Venezuela. By doing so, global oil supply and pricing might recover a little.
But, there’s also the fact that the Ukraine-Russian conflict is still going on, and that the European Union is now pondering a total ban on Russian crude and petroleum imports. This of course will reduce the global supply and thus, might cause prices to drive up for markets like the Philippines.
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