The Department of Energy (DOE) assured the public on Monday, May 18, that the country’s fuel inventory remains at “non-alarming” levels despite another round of fuel price hikes this week. During a virtual press conference, the DOE reported that the country has an average fuel supply equivalent to 45.33 days as of May 15.

Energy Secretary Sharon S. Garin said gasoline inventory stands at 46.85 days, while diesel supply is at 45.74 days. Jet fuel inventory reached 59.74 days, fuel oil stood at 50.14 days, and LPG had 30.21 days of supply remaining. Kerosene posted the highest inventory level at 152.12 days.

“Today, we have 45 days, 45.33 days of fuel supply, which is not alarming considering that the supply chain internationally is becoming regular and predictable,” Garin said.

She acknowledged that the inventory level is lower than the previous week, but said the country continues to receive stable fuel supply from other countries.

The DOE also announced the expected fuel price adjustments for the week of May 19 to 25.

Gasoline prices are expected to increase by PHP 1.21 per liter across RON 91, RON 95, and RON 97 products, while diesel prices are projected to rise by PHP 2.82 per liter. Meanwhile, kerosene is expected to post a rollback of PHP 2.21 per liter. The agency said LPG prices were not included because LPG follows monthly adjustment cycles.

Garin also revealed that the DOE has been prescribing fuel price adjustments over the past four weeks to create more predictable and uniform price movements among oil companies.

According to the DOE, the prescribed adjustments are based on replacement costs, freight, insurance, premium charges, and transportation costs reported by oil firms.

The DOE is now reviewing the pricing mechanism after some oil companies raised concerns over possible financial losses and investor sentiment.

“We are reviewing the submissions of the oil companies and making sure that there is no profiteering and that the real cost of fuel is being charged to the people,” Garin said.

The DOE likewise assured consumers in off-grid areas that diesel supply remains stable, adding that operators have been allowed access to Philippine National Oil Company (PNOC) oil inventories to secure better fuel rates and stable supply.

What steps do you think should be prioritized to help protect consumers from rising fuel costs?

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