Motorists will be greeted by lower prices at the pump over the coming week, local oil industry sources said on Friday.
Citing oil trading over the past four days (Nov 14-17), an oil industry source told GMA News Online that the price per liter of diesel could be reduced from P1.70 to P1.90 .
Gasoline prices, meanwhile, can be reduced by 0.70 to 0.90 pula per liter.
Asked for comment, the Director of the Petroleum Industry Management Office, Rino Abad, confirmed that there is an expected price cut “for all products” next week.
Abad cited weaker demand from major oil importer China amid its rising COVID-19 cases as a factor in the expected drop in fuel prices.
Oil companies usually announce price adjustments every Monday, which will be implemented the next day.
Effective Tuesday 15 November 2022, oil companies have implemented price hikes for petrol of P0.90 per liter and kerosene of P1.35 per litre, while the price of diesel has been reduced of P0.30 per litre.
The latest price adjustment brought the year-to-date adjustment to a net increase of PPP 18.15 per liter for petrol, PPP 36.00 per liter for diesel and PPP 29.95 per liter for kerosene.
Data from the Department of Energy’s Price Monitor from November 15-17 showed the price per liter of petrol ranged from P61.50 to P72.85 per liter in Quezon City, the largest city in Metro Manila; diesel prices vary from 75.10 to 82.09 pesos per liter in the city of Makati, the main financial center of the country; while in Manila, the capital of the Philippines, kerosene prices range from P80.46 to P88.00 per litre. — Integrated News RSJ, GMA