Fuel prices roll back – a little | Inquirer News

Fuel prices roll back – a little

/ 05:12 AM October 23, 2022
A tricycle driver searches his pocket for bills and coins to pay for fuel at a gasoline station . STORY: Fuel prices roll back – a little

A tricycle driver searches his pocket for bills and coins to pay for fuel at a gasoline station on E. Rodriguez Avenue in Quezon City. (File photo by NIÑO JESUS ORBETA / Philippine Daily Inquirer)

MANILA, Philippines — After last week’s hefty price hike, oil companies are expected to implement a meager price rollback this Tuesday, according to an industry source.

The source said the price of diesel may decrease by P0.80 to P1.10 per liter and gasoline by 10 to 40 centavos per liter, based on the Mean of Platts Singapore’s trading movement from Oct. 17 to 21.

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Rino Abad, director of the Department of Energy’s Oil Industry Management Bureau, said on Friday the possible reduction in the cost of kerosene would be less than P1 per liter.

He attributed this to the global market’s uncertainty that the Organization of Petroleum Exporting Countries would be able to deliver its promise to scale down output by 2 million barrels per day.

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The projected decrease was smaller than last week’s increase as companies raised gasoline price by P0.80 per liter, diesel by P2.70 per liter, and kerosene by P2.90 per liter.

Year-to-date increases as of writing stand at P16.45 per liter for gasoline, P38.50 per liter for diesel and P29.65 per liter for kerosene.

—JORDEENE B. LAGARE

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