MANILA (UPDATE) — Oil prices are falling in the third week of October. 

Oil companies announced the following adjustments in oil prices effective October 22, Tuesday:

SHELL PILIPINAS, SEAOIL (effective 6 a.m.)

Gasoline - P0.50/liter decrease
Kerosene - P0.85/liter decrease
Diesel - P0.70/liter decrease

Gazz (effective 6 a.m.)

• Gasoline - P0.50/liter decrease
• Diesel - P0.70/liter decrease

The Department of Energy (DOE) earlier said that prices may dip because of slightly eased tension in the Middle East, amid reports that Israeli Prime Minister Benjamin Netanyahu assured US President Joe Biden he would not attack Iran's crude or nuclear facilities.

Imported diesel dropped by around P1.29/L last week in the Mean of Platts Singapore, versus the actual rollback of P0.70/L.

DOE Assistant Director Rodela Romero explained that oil firms implement premium and freight costs due to the conflict in the Middle East. Romero also confirmed that oil firms have partially charged the increase in biodiesel content.

Last October 1, the government mandated the biodiesel content to increase to 3 percent from the previous 2 percent, which translates to a price increase of P0.60-P0.70 per liter.

According to Romero, the reduced rollback in diesel may be due to the increase in biodiesel content partially reflected by oil firms.

From January until October 22, there is still a net increase, P8.55/L for gasoline and P6.05/L for diesel.

MERALCO POWER INTERRUPTION

Meralco has announced several power interruptions in parts of its franchise area this week.

While some only last for 30 minutes, there are power interruptions that will go on for 5-6 hours.

Meralco Spokesman Joe Zaldarriaga explains that while some maintenance works only entail minimal changes, others need ample time as some poles need to be replaced. Zaldarriaga asked for understanding from residents of areas that will experience longer interruptions due to maintenance works.