Motorists get relief as fuel prices fall by as much as P2.09/L this week
Oil companies in the Philippines are rolling back fuel prices this week, with kerosene seeing the largest decrease of P2.09 per liter. Energy Secretary Sharon Garin noted that while this provides relief, global oil markets remain volatile due to Middle East conflicts.
Why it matters
Fluctuating fuel prices directly impact inflation and the cost of living for consumers and small businesses in the Philippines.
MOTORISTS will get modest relief this week as oil companies roll back pump prices by as much as P2.09 per liter (L), following softer global oil product prices, the Department of Energy (DoE) said on Monday.
Starting on Tuesday, gasoline prices will fall by P0.73 per liter, diesel by P0.60 per liter and kerosene by P2.09 per liter, based on the DoE’s latest advisory.
Seaoil Philippines, Inc. and Flying V will implement the minimum price reductions announced by the DoE. Jetti Petroleum, Inc. said it would cut gasoline prices by P0.80 per liter and diesel prices by P0.60 per liter.
“I know that many of you are still feeling the weight of the past week’s increases, but every rollback matters,” Energy Secretary Sharon S. Garin said in a briefing. “It means a little less pressure on our drivers, farmers and small businesses who move this economy every single day.”
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