2 weeks Ago
Motorists should expect either a price hike or rollback in fuel pump prices in the coming week, according to the latest industry estimates based on international trading. The estimated per liter adjustments are as follows: The movement is based on fuel trading in the past four days (October 21-24), according to Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero. The Energy official cited weaker demand in China and US, surprise build in US stocks, and expected stability in geological risk with the resumption of talks on ceasefire between Israel and Hamas as reasons for the expected pump price rollback.
For the anticipated fuel price hike, Romero said the reasons could be the increase in demand for diesel in South Korea which could elevate prices in Asia as well as the retaliation of Iran which triggered worry in the markets for supply disruption. Fuel firms usually announce official price adjustments every Monday, to be implemented on the following day. This week, effective October 22, oil companies cut the prices per liter of gasoline by P0.
50, diesel by P0.70, and kerosene by P0.85.
Meanwhile, the Energy official said that in areas declared under State of Calamity, price freeze for household LPG and kerosene will be implemented for 15 days starting from the date of the official declaration. —VAL, GMA Integrated News.
