Gasoline prices in Mindanao lowest since 2016: DOE

CAGAYAN DE ORO CITY--Current gasoline prices in Mindanao have been at their lowest in the past two years compared to Luzon and Visayas, an official of the Department of Energy (DOE) whose agency is keeping monitoring records on fuel prices.

Nilo Geroche, Chief Science Research Specialist for DOE Mindanao field office, said that the agency's price monitoring showed that as of May, Cagayan de Oro's gasoline prices ranged between PHP50.45 and PHP52.92 per liter, the average price of the three major players -- Petron, Caltex, and Shell -- and new independent players.

In a presentation before the National Economic and Development Authority in Region 10 here, Geroche said the sampled prices obtained in Cagayan de Oro were representative of the overall prices in Mindanao.

He said the locally-sampled prices were found to be lower when compared to Cebu City, which has a price range between PHP52.62 and PHP60.98; and Metro Manila, whose gasoline prices were pegged between PHP49.75 and PHP65.08 per liter in the same period.

However, Geroche noted that Cagayan de Oro's diesel was more expensive, with price range between PHP46.35 and PHP50.25 per liter, compared to Cebu City's PHP45.31-PHP47.25; and Metro Manila's at PHP41.75-PHP50.89.

Geroche said DOE has no definite explanation on Mindanao's lower gasoline prices, but that this can be attributed to certain factors.

“We noticed it (Mindanao's lower prices) since 2016, probably on third or fourth quarter. This was based on the report from Petron, which was matched with the prices from neighboring gas stations,” he said.

Geroche also added that it was Petron that first initiated the rollback of prices, prompting other fuel players to follow suit. The lowering of gasoline prices has also seen the reduction of the “bootleg” selling of fuels rebottled in soda containers sold in streets, particularly in rural areas, which is considered illegal.

Meanwhile during the first quarter (January-March) of 2018, energy sales in Northern Mindanao increased by 9.02 percent or a total of around 702 million kilowatt-hour (kwh) sold, as compared to the same period in 2017.

The province in Misamis Oriental had the highest share of energy sales with 59.12 percent or around 415 million kwh, followed by Lanao del Norte with 19.05 percent or around 133 million kwh. (PNA)