• CHERYL G. CRUZ
The per liter price of diesel and kerosene will have minimal increases tomorrow, May 21, even as the rollback for gasoline continues on its fourth straight week.
Oil companies said May 20 that diesel will increase by P0.25 per liter, and kerosene by P0.30/L, while gasoline prices will be slashed by P0.10/L.
Last week, oil companies also implemented a per liter decrease in gasoline by P2.00, diesel by P0.50, and kerosene by P0.85.
With the latest price movements, the Department of Energy Oil Monitor showed a per liter net increase of P7.25 and P4.20, for gasoline and diesel, respectively, since the start of this year. Kerosene, on the other hand, has a net decrease of P1.65 per liter.
The DOE also said Monday that, starting this October, oil companies are required to have higher biodiesel blend, or at three percent coco methyl ester (CME) blend in all diesel fuel sold nationwide. The CME blending last increased to two percent in 2007.
“This move aims to decrease dependence on imported fuels, reduce greenhouse gas emissions, and bolster the local biodiesel and bioethanol sectors,” the DOE said in a statement, adding that this percentage will gradually increase to four percent by October 2025, and to five percent in 2026.
The increase in the CME blend is expected to create additional market for coconut farmers, biodiesel producers, and other stakeholders in the coconut industry.
Oil companies also have the option to raise the ethanol blend in all gasoline fuel by 20 percent, from the current 10 percent since 2012, to reduce domestic pump prices. The DOE said that increasing the ethanol blend could lead to an estimated decrease of about P3.21 per liter in the gasoline pump price.
“Implementing the higher biofuels blend is a win-win solution as we promote economic growth, uphold environmental stewardship, and strive for cleaner energy utilization,” Energy Secretary Raphael Lotilla said. “It is also about investing in a future where sustainability drives progress.”
The Biofuels Act of 2006 mandates that all liquid fuels for motors and engines sold in the Philippines be blended with biofuels. | CGC
