MANILA, Philippines – Pump prices of petroleum products are set to decrease on Tuesday, October 10, as the global market anticipates a slump in demand.

In separate advisories on Monday, October 9, Seaoil, Petro Gazz, and Cleanfuel announced a decrease of P2.45 per liter for diesel and P3.05 for gasoline.

Seaoil announced a P3 per liter reduction for kerosene.

While the big-time oil price rollback would benefit consumers, figures from the Department of Energy showed a year-to-date double-digit net increase in petroleum products. Since the start of the year, gasoline prices increased by a total of P15.30 per liter, diesel by P13.80, and kerosene by P8.94.

Amid elevated prices, the Land Transportation Franchising and Regulatory Board recently approved a P1 fare hike. The increase will raise minimum fares of traditional jeepneys from P12 to P13, and modern jeepneys from P14 to P15. – Rappler.com