Local fuel pump prices are expected to decline this week.
Oil firms said Monday they will slash gasoline prices by P0.25 per liter, diesel by P0.30 per liter and kerosene by P0.15 per liter.
The price rollback will take effect at 6 a.m. of August 4, the same day that the revived modified enhanced community quarantine (MECQ) will be implemented in Metro Manila and surrounding provinces until August 18.
Pilipinas Shell, Seaoil Philippines, Petro Gazz, Cleanfuel announced their price adjustments. Other oil firms are expected to follow suit.
Energy Secretary Alfonso G. Cusi said Monday that there is enough supply of petroleum products during the MECQ. He also assured the public that power supply remains sufficient.
“The power sector will continue to quietly work providing uninterrupted supply of power and petroleum products to run our economy,” he said.
Meanwhile, the operator of the Wholesale Electricity Spot Market revealed that the demand for electricity in August could further go down.
“Even before the revert to MECQ, demand was low already because of cooler temperature,” said Independent Electricity Market Operator of the Philippines chief operating officer Robinson Descanzo.
Peak demand in July went down to 12,444 megawatts (MW), 12,611 MW in June and 11,567 MW in May.
“Demand is going down. So, there is a possibility that August demand will be lower compared to July,” he said.
Electricity peak demand last year stood at 12,653MW in August; 13,040MW in July; 13,450MW in June; and 13,316MW in May.
Image credits: Nonie Reyes