- CHERYL G. CRUZ
Oil companies implemented big-time increases in the prices of petroleum products effective Jan. 3, with diesel up by P2.10 per liter, gasoline by P2.90/L, and kerosene by P3.05/L.
Petron Corporation, on the other hand, implemented a P4.20/kg rollback in LPG prices effective Jan 1. AutoLPG prices also decreased by P2.35 per liter, it said, adding that this was to reflect the international contract price of liquefied petroleum gas for the month of January.
The Department of Energy Oil Monitor showed that price adjustments in 2022 led to net increases of P27.30/liter for diesel, P14.90/liter for gasoline, and P21.30/liter for kerosene.
“Crude oil futures witnessed a volatile week due to the tightening of supply in the US and uncertainty around Russian supply,” the DOE said.
It added that sanctions to be imposed by the European Union on Russia-based oil products effective Feb. 5 “could lead to greater dependence on Asian barrels”.
“On regional supply, China’s gasoil outflows continued to be the key focus of the Asian gasoil market participants as the country reopens and manages the surge in COVID-19 cases, as well as the potential issuance of a fresh batch of oil product export quotas for 2023,” the DOE added.
The agency also said that its major plans for 2023 include updating the Philippine Energy Plan, pursuing contingency measures and activities to ensure energy supply during critical periods, and pushing for the continued development of alternative fuel and improving access to electricity.
The DOE, in collaboration with the Energy Regulatory Commission, is also set to develop the policy and framework for new and emerging renewable energy (RE) technologies, like offshore wind, waste-to-energy, expanded rooftop solar program, and ocean and tidal stream energy, the Office of the Press Secretary reported./CGC
