oil industry

Big oil price rollback set for October 10

Ralf Rivas

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Big oil price rollback set for October 10

A gasoline attendant fills up a passengers jeepney with fuel at a gas station in Commonwealth Ave in Quezon City on Sunday, November 4, 2018. Oil firms earlier in the day hike prices of diesel by P1.00 per liter and gasoline by P1.10 per liter. Photo by Darren Langit/Rappler


Oil companies announce a decrease of P2.45 per liter for diesel, P3.05 for gasoline, and P3 for kerosene

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

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Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.