Mixed price adjustment for gas, diesel next week

Gasoline prices could rise by P2 to P2.20 per liter on Oct. 13, based on the four days of trading in the regional benchmark Mean of Platts Singapore.

STAR / File

MANILA, Philippines — Domestic gasoline prices are expected to rise further next week following China’s brief halt of refined fuel exports, while diesel prices are set for another rollback.

Gasoline prices could rise by P2 to P2.20 per liter on Oct. 13, based on the four days of trading in the regional benchmark Mean of Platts Singapore.

Diesel prices, meanwhile, could go down by P1.80 to P2 per liter.

Rino Abad, director of the Department of Energy (DOE)’s Oil Industry Management Bureau, said the expected diesel price rollback follows the G7 countries’ decision to release 100 million barrels of crude oil and diesel from their emergency reserves.

For gasoline, Jetti Petroleum president Leo Bellas said markets remain under pressure due to continued supply strain amid China’s fuel export suspension.

Reuters, citing unnamed sources, reported that China could resume refined fuel exports this month following a brief suspension.

Transition plan

In order to cut the Philippines’ oil dependence by half, major infrastructure shifts need to happen, Bellas said.

Under the Fuel Transition Plan, the country targets reducing its oil dependency by 30 percent by 2030, 50 percent by 2040 and more than that by 2050.

Energy Secretary Sharon Garin this week said the country will aggressively adopt electric vehicles to achieve these goals.

This means EVs should take up 80 percent of automobile production between 2040 and 2050, according to the plan.

However, in his 5th State of the Nation Address, President Marcos sees electric-powered vehicles making up just half of the cars on the road by then.

The plan also puts great emphasis on the use of high-blend biofuels, sustainable aviation fuels and alternative maritime fuels, among others.

Bellas said the Philippines can achieve these, but the focus shouldn’t be only on automotive fuels.

“If the government would push through with renewable energies and those sources of electricity that would not be using fossil-based fuels, I think that could be realistic,” Bellas told “Money Talks” on One News yesterday.

Marcos aims to raise the share of renewables in the country’s energy mix to 50 percent by 2040.

Patrick Aquino, director of the DOE-Energy Utilization Management Bureau, said EV registrations surged 130 percent year-on-year from January to August, as the Middle East war drove people toward electric-powered vehicles. — EJ Macababbad