Motorists can expect some relief this week as oil companies on Monday, October 21, announced a rollback on pump prices starting Tuesday, October 22.
For the period October 22 to 28, gasoline prices will decrease by P0.50 per liter, while diesel will be reduced by P0.70 per liter. Kerosene prices will also be lowered by P0.85 per liter.
Oil companies PetroGazz, Seaoil and Shell Philippines will implement their rollback at 6:00 am on October 22.
The adjustment brings the year-to-date changes to a net increase of P9.05 per liter for gasoline and P6.75 per liter for diesel, while kerosene has seen a net decrease of P2.75 per liter.
Although the rollbacks provide some relief, they are minor compared to the significant price hikes in recent weeks, as theongoing geopolitical tensions in the Middle East and a weak demand forecast from China have fueled the volatility in oil prices.
The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) had earlier predicted a price rollback for this week, attributing it to easing tensions in the Middle East, a potential crude supply surplus in 2025, and a projected slowdown in oil demand growth next year.
Last week, oil companies raised pump prices by up to P2.70 per liter.
According to the latest data from the Department of Energy’s price monitoring, the prevailing retail prices in Metro Manila are as follows: gasoline ranges from P50.20 to P70.20 per liter, diesel from P46.40 to P61.00 per liter, and kerosene from P67.29 to P78.14 per liter. (TCSP)
