Business · Philippines Bureau
Fuel Price Rollback Takes Effect as Oil Markets Stabilize
Gasoline prices will decline by at least P4.30 per liter effective Tuesday, ending a two-week upward trend, while diesel costs are set to increase. The Department of Energy attributed the adjustments to fluctuations in global crude oil markets.
LSN Philippines ·
MANILA — Motorists will see relief at the pump this week as the Department of Energy announced a significant rollback in gasoline prices starting Tuesday, following two consecutive weeks of increases in fuel costs across the country.
Gasoline prices will decrease by at least P4.30 per liter, while kerosene will fall by P1.00 per liter, according to the DOE's latest fuel price adjustment. However, diesel prices will move in the opposite direction, with an increase of P2.60 per liter taking effect on the same day.
The agency attributed the mixed adjustments to ongoing volatility in international oil markets, which continue to influence domestic fuel pricing mechanisms. The rollback in gasoline represents a welcome respite for consumers and businesses that have absorbed higher transportation costs over the preceding fortnight.
The fuel price adjustments are implemented every two weeks based on the trailing average of Brent crude oil quotations and the Philippine peso-US dollar exchange rate. The DOE regularly monitors global energy markets to determine pricing changes that affect the country's petroleum sector.