'Worst is over': DOE chief optimistic over lower oil prices

MANILA – Energy Secretary Sharon Garin expressed hope for the stabilization of domestic fuel prices given the decline in global oil prices to below USD80 per barrel.

Speaking at an online briefing on Monday, Garin said it may take some time for crude oil prices to return to pre-war levels.

“It won’t happen in just one week or two weeks. It might take time. It might even take a few weeks or a few months. But I think the worst is over. Hopefully we can start adjusting the price as well, to adjust to pre-war price,” she added.

During the same briefing, Garin said the price adjustment for this week is between a rollback of up to PHP1.75 per liter and a hike of PHP0.25 per liter for gasoline.

READ MORE: Global oil prices ease, but July 7 fuel price hike pushes through

Diesel price movements for this week are a hike of between PHP1.57 per liter and PHP3.57 per liter, and kerosone, up between PHP1.70 per liter and PHP3.70 per liter.

Seaoil, in an advisory, said it will increase gasoline prices by PHP0.25 per liter, diesel by PHP3.30 per liter, and kerosene by PHP1.75 per liter, effective 6 a.m. Tuesday.

Petron, in turn, said it will adjust prices at the same time, specifically by PHP0.20 per liter for gasoline, PHP3.30 per liter for diesel, and PP1.70 per liter for kerosene.

READ MORE: Mixed fuel price adjustments set on June 30 – DOE

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