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Motorists queue for fuel at a gas station in Pasig City on October 10, 2022, a day before a new round of oil price hike takes effect. Diesel prices is forecast to increase by P6 to P6.85 per liter, gasoline prices at P1.20 to P1.40 per liter, and kerosene prices by P3.50 to P3.70 per liter. Mark Demayo, ABS-CBN News

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FUEL PRICE HIKE

Alvin Elchico

ABS-CBN News

MANILA (UPDATE 2)-- Oil prices are falling in the last week of August.Oil companies announced the following decreases in oil prices effective August 27, Tuesday:<div>SHELL PILIPINAS, CALTEX, PETRON (effective 6 a.m.)</div>Gasoline - P1.15/liter decreaseKerosene - P1.85/liter decreaseDiesel - P1.90/liter decrease <div>CLEANFUEL (effective 12:01 a.m.)</div>Gasoline - P1.15/liter decreaseDiesel - P1.90/liter decrease<div>PETROGAZZ, JETTI PETROLEUM (effective 6 a.m.)</div>Gasoline - P1.15/liter decreaseDiesel - P1.90/liter decreaseOther oil firms are expected to make similar announcements within the day. Energy Assistant Director Rodela Romero said that the main reason for the price drop is the weaker demand for fuel worldwide. The strengthening of the peso against the US dollar also contributed to the rollback.DIESEL NOW AROUND P40In some areas in Metro Manila, diesel prices have now gone down to the P49/L level, but with the almost P2/liter reduction tomorrow, diesel will retail at over P47/L, the lowest in Metro Manila. In Novaliches, there are lesser-known gas stations that sell P49.94/L diesel.Based on the Department of Energy&#x27;s data, the cheapest diesel monitored is in Belfast, Fairview at P49.65/L while the most expensive is at P64.40 at Shell Cupang in Muntinlupa.  For gasoline, the cheapest is at P53.70/L in Commonwealth, Quezon City while the most expensive is at P74.65 in the south.Romero said due to competition from smaller independent players, diesel prices have gone down in several areas. LPG UP AGAIN IN SEPTEMBERRegasco President Arnel Ty expects another price increase in LPG prices by September 1.Ty said that based on the contract prices last week, LPG prices in the international market increased by more than $20/metric ton. The final contract price will come out this Saturday but Ty estimates that the increase will hover between P1.50-P2.00/kilo or P16.50-P22.00/11 kg tank.According to Ty, consumers must watch out for the October price change after Saudi Aramco, the major LPG supplier forecasts a steep price increase heading towards the winter season.In the Philippines, LPG prices only move once a month, at the beginning of each month, reflecting movements in the international contract price of cooking gas.

Big time rollback as oil prices fall by almost P2 as August ends

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Big time rollback as oil prices fall by almost P2 as August ends

Alvin Elchico,

ABS-CBN News

Published Aug 26, 2024 10:21 AM PHT

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Updated Aug 26, 2024 02:43 PM PHT

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