Motorists can expect another round of oil price rollback of as much as P1.93 per liter for kerosene next week – a little higher than an earlier estimate of the Department of Energy.
DOE-Oil Industry Management Bureau Director Rino Abad said the indicative price decrease for September 13 to 19, 2022 are as follows: P0.64 per liter for gasoline; P1.52 per liter for diesel; and P1.93 per liter for kerosene.
For its part, Unioil Petroleum Philippines, in its fuel price forecast for September 13 to 19, 2022, said diesel prices would go down by P1.20 to P1.40 per liter while gasoline prices would decrease by P0.40 to P0.50 per liter.
Abad said the expected fuel price reduction was due to the continuing threat of lower demand on the back of another possible interest hike by US and Europe and the minimal impact of the production cut by Organization of the Petroleum Exporting Countries for October at 100,000 barrels per day.
The OPEC+ oil cartel agreed to cut production for the first time in more than a year as it seeks to lift prices that have tumbled due to recession fears.
OPEC+ earlier adopted huge cuts in output in 2020 when the COVID pandemic sent oil prices crashing, but it began to increase production modestly again last year as the market improved.
Oil prices soared to almost $140 a barrel in March after Russia invaded Ukraine. But they have since receded below $100 per barrel amid recession fears, COVID lockdowns in major consumer China, and Iran nuclear talks that could bring Iranian crude back into the market.
On Sept. 6, 2022, fuel firms implemented a rollback of P2.60 per liter for gasoline, P1.55 per liter for diesel and P1.60 per liter for kerosene.
The latest price rollbacks resulted in year-to-date price adjustments to stand at a net increase of P16.95 per liter for gasoline, P36.25 per liter for diesel, and P31.60 per liter for kerosene.
Increasing coop with US, defusing strain with China The Philippines has been working on ways to avoid being “trampled” by…
Weeks after the Philippines reached an “agreement” with China, the Chinese Coast Guard (CCG) allegedly drove off Filipino fisherfolk from…
PRESIDENT Ferdinand Marcos Jr. said micro, small, and medium enterprises (MSMEs) would be empowered and enabled to participate in the…
The new version of the Maharlika Investment Fund pending approval in Congress dropped the Bangko Sentral ng Pilipinas’ other controversial…
The Bureau of Immigration (BI) on Friday vowed to cleanse its ranks after authorities found that three of its personnel…
The Department of Education will examine the recommendations of the Senate Blue Ribbon Committee on the alleged purchase of overpriced…
It was in 2013, while finishing her university degree in Chicago, that Kelly Go got a taste of an American…
Isuzu Philippines Corporation (IPC) celebrates the entry of Tetsuya Fujita into the company. Fujita is replacing Noboru Murakami as the…
Celebrity icon and entrepreneur Kim Chiu recently launched House of Little Bunny—an online shop selling fashionable and dainty tote and…
Increasing coop with US, defusing strain with China The Philippines has been working on ways to avoid being “trampled” by…
Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.
In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.
Download – Today’s Paper
6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines
Trunklines: 832-5554, 832-5556, 832-5558
© 2021 Manila Standard – Designed and Developed by Neitiviti Studios.
© 2021 Manila Standard – Designed and Developed by Neitiviti Studios.
Login to your account below
Please enter your username or email address to reset your password.
