Diesel prices sliding by over P20 per liter in third week of April

MANILA, April 21 ------ Oil prices are dropping again in the third week of April.

Petroleum companies announced the following price rollbacks effective Tuesday, April 21.

SHELL, SEAOIL, FLYING V (effective 6 a.m.)

Gasoline - P3.41/L decrease

Diesel - P24.94/L decrease

Kerosene - P2/L decrease

Energy Secretary Sharon Garin said the Department of Energy (DOE) is already intervening to control oil price adjustments through Executive Order 110 or the declaration of a National State of Energy Emergency. Garin said the government has been setting the ranges for the price hikes and rollbacks, which oil companies must follow. "Hindi po tayo nagka-cap sa presyo mismo, pero kina-cap natin yung adjustments," Garin explained in a press conference.

Garin said oil companies that do not comply with the suggested price adjustments will be issued a show-cause order. She stressed, however, that they are not arbitrarily determining the cost of rollbacks or increases. "We still follow the calculations that we have been using for regular increases. We consider the five days (trading), we consider the exchange rate of the peso, the dollar, we consider the premium that is paid, the insurance...kung magkano yung transportation," she noted.

Garin also noted that the Philippines' oil inventory has grown, including gasoline and LPG. The work-from-home scheme and the savings of consumers and businesses have already had an effect. Energy Undersecretary Alessandro Sales also said a diesel shipment is arriving on Saturday, while the LPG shipment from the United States is expected in mid-May. This will add to the country's oil inventory.

Source: news.abs-cbn.com