China export ban has no impact yet on PH oil firms—DOE

MANILA — Diesel prices dipped further on the second day of trading in the world market, bringing hopes of another round of price rollbacks next week.

Based on the Mean of Platts Singapore prices from October 5 to 6, 2026, oil prices have moved by the following amounts: 

Diesel – P2.98/L decrease

Gasoline – P0.86/L increase

Kerosene – P0.35/L decrease

Industry sources said the risk premium on diesel continues to drop while the additional risk for gasoline rises as supply becomes tight due to the China export ban.

But Energy Secretary Sharon Garin said China’s export ban has not yet affected the oil supply in the Philippines.

“Basically, China is stockpiling because they released so much of their reserves previously. We have, in fact, checked with all our oil companies. So wala pong impact on our oil companies as of this moment. So their orders, ‘yung natapos na or their ongoing long-term contracts are still being honored by all traders, even if it comes from China,” Garin said.

The Department of Energy (DOE) earlier said it is preparing for higher electricity demand and possible power supply problems as El Niño brings hotter temperatures.

Garin said electricity prices could rise, citing the relationship between supply and demand in the Wholesale Electricity Spot Market (WESM).

But instead of commending Garin, Power for People Coalition Convenor Gerry Arances called on the secretary to step down due to the DOE’s failure to solve the power crisis in the Visayas.

There have been no alerts since Monday, but the supply situation remains precarious in the Visayas.

“Dapat lang ay mag-step down na siya, hayaan natin na magkaroon ng ibang bagong magbibigay magpo-provide sa atin ng pag-asa na mapapababa ang electricity sa bansa natin.” said Arances.