P3.01/liter diesel price cut seen; gas up by P1.56/liter
The Philippine Department of Energy announced a significant diesel price rollback of P3.01 per liter, while gasoline and kerosene prices will increase. The adjustment is attributed to global supply shifts, including G7 efforts to ease diesel shortages.
Why it matters
Fuel price volatility directly impacts inflation and transportation costs for consumers in the Philippines.
MANILA, Philippines - Motorists are getting their third consecutive diesel price rollback today, even as gasoline and kerosene prices rise again.
The Department of Energy (DOE) prescribed maximum price hikes of P1.56 and P1.77 per liter for gasoline and kerosene, respectively, while diesel prices will go down by at least P3.01 per liter.
Rino Abad, director of the DOE's Oil Industry Management Bureau, told reporters yesterday that gasoline and kerosene prices rose due to supply tightness.
The latest adjustments mark the second consecutive week of increases for the two refined petroleum products.
Diesel prices, meanwhile, continued to decline following an agreement among Group of Seven (G7) countries to release 100 million barrels of petroleum supplies, with diesel among the priorities.
The G7 comprises Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
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