Fuel prices expected to drop for second week in a row | Inquirer News
welcome respite

Fuel prices expected to drop for second week in a row

Stock photo of fuel pumps. STORY: Fuel prices expected to drop for second week in a row


MANILA, Philippines — Motorists are in for another treat as oil companies are expected to significantly reduce the pump prices of petroleum products next week.

An industry source said the price of diesel might drop by P2.10 to P2.30 per liter and gasoline by P5.40 to P5.60 per liter, based on the average of trading data from July 11 to July 15.


Oil firm Unioil provided almost similar projections with the price of diesel expected to decline by P1.90 to P2.10 per liter and gasoline by P4.60 to P4.80 per liter.

Rino Abad, director of the Department of Energy’s (DOE) Oil Industry Management Bureau, said the department expects kerosene prices to slightly drop by 50 centavos per liter.


Abad said kerosene prices in the global market were slightly down but the reduction was offset by the depreciation of the Philippine peso against the US dollar.

He attributed the projected rollback in local pump prices next week to the intermittent lockdowns in China and interest rate hikes in the United States and other countries.

“Probably if that happens, the rollback in prices might continue even after next week,” he added.

Last week, the price of gasoline went down by P5.70 per liter, diesel by P6.10 per liter and kerosene by P6.30 per liter.

Data from the DOE showed that in Metro Manila, gasoline retails for P76.45 to P96.15 per liter while diesel is sold for P81.20 to P95 per liter. Kerosene, used for cooking and lighting, ranges from P86.34 to P95.74 per liter.

Any adjustment in domestic fuel prices is announced every Monday, which is then implemented the following day.


Bongbong Marcos meets with energy officials amid rising fuel prices

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Department of Energy, fuel prices, oil firms
For feedback, complaints, or inquiries, contact us.

News that matters

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.