• CHERYL G. CRUZ
The pump prices of petroleum products will decrease this first week of June, following reports of possible deal to end the Iran war.
Oil companies announced over the weekend that the rollback in the prices of diesel could be from P7 to P9 per liter, gasoline by P5 to P6/L, and kerosene by P8 to P10/L.
Exact adjustments will be known today, June 1.
Department of Energy (DOE) director Rino Abad had said in a Philippine News Agency report May 29 that while fuel prices remain elevated, they have eased to around P70 to P80 per liter from nearly P140 per liter recorded a few weeks after the Middle East conflict began in late February.
“This is due to the results and pronouncement on the negotiation between the U.S. and Iran,” Abad was quoted as saying, even as wire reports said that a ceasefire would allow for the resumption of global shipping, and rebuilding of energy and other infrastructure” in the Middle East.
The Philippine National Oil Company (PNOC), meanwhile, said May 31 that it has procured 21,000 metric tons (MT) of liquefied petroleum gas (LPG) in support of the government’s Emergency Energy Security Program.
The cargo, consisting of 50 percent refrigerated propane and 50 percent refrigerated butane, originated from Texas, United States, and arrived in the country May 30.
“The delivery of PNOC-procured LPG demonstrates the concrete actions being undertaken by the DOE and PNOC to strengthen the country’s fuel reserves, support supply stability, and help ensure the continuous availability of LPG during the ongoing national energy emergency,” the PNOC said in a statement.
By adding 21,000MT of LPG to the country’s available supply, PNOC is helping reinforce national inventory levels and proactively mitigate potential supply disruptions in key demand areas, it added. | CGC
