Public Utility jeepney drivers line up to refuel at a gasoline station in West Avenue in Quezon City on September 18, 2023, bracing themselves for another price hike the following day. Diesel prices are slated to go up by 2.50 pesos per liter, with Kerosene and Gasoline prices increasing at 2 pesos per liter. 


 Jonathan Cellona, ABS-CBN News

Public Utility jeepney drivers line up to refuel at a gasoline station in West Avenue in Quezon City on September 18, 2023, bracing themselves for another price hike the following day. Diesel prices are slated to go up by 2.50 pesos per liter, with Kerosene and Gasoline prices increasing at 2 pesos per liter. 

 Jonathan Cellona, ABS-CBN News

20230918-oil-price-hike-JC2847.jpg

Alvin Elchico

ABS-CBN News

<div> </div>MANILA - Motorists can expect a big rollback in diesel and gasoline prices next week, oil industry players said on Thursday. Based on the first 3 trading days, imported fuel prices are down due to weak demand and recession fears in many big economies.(Aug. 5-7, 2024)Gasoline  P2.88/L rollback Diesel       P2.13/L rollbackKerosene  P2.43/L rollbackJetti Petroleum President Leo Bellas said the recession fears and weak demand overshadowed the geopolitical tension in the Middle East. But Bellas said he also remains if this trend would continue, or whether the conflict between Israel and Hamas and Hezbollah would again affect oil prices soon.In the last 4 weeks, diesel prices have gone down by P2.40/L and kerosene by P3.10/L.Gasoline only has a net rollback of P0.85/L since it rose by P0.10 on july 23, breaking the 4-week rollback since july 16, 2024.<div> </div><div>LPG PRICE HIKE STARTS</div>A price increase of more than P3 per 11-kg tank in cooking gas has taken effect in Quezon City, 15 days after the declaration of the state of calamity.Under the law, a price freeze for basic goods take effect for 60 days upon declaration of the state of calamity but for kerosene and LPG, the price freeze is only for 15 days.That ended yesterday in Quezon City but in some LGUs in Metro Manila that period will only lapse in the next few days.<div> </div><div>STRONGER PESO</div>The peso has grown stronger versus the US dollar in recent days, which may lead to lower prices of imported goods like oil, and other products that use components or ingredients from abroad.According to the website of the Bankers Association of the Philippines, the peso clawed back from the 58-to-dollar level last week to 57 this week.Monday close: P57.90Tuesday close: P57.81Wednesday close: P57.515Thursday close: P57.316But Philippine Amalgamated Supermarkets Association Executive Director Steven Cua said he doesn&#x27;t see the stronger peso having an immediate impact on the prices of manufactured goods.Cua said that while many goods have imported ingredients, the peso needs to maintain its strength in a sustained manner before consumers can expect a decrease in the prices of finished products.According to Cua, it is possible that the peso&#x27;s gain may be temporary like the dip in imported fuel prices.

Based on the first 3 trading days, imported fuel prices are down due to weak demand and recession fears in many big economies.

Based on the first 3 trading days, imported fuel prices are down due to weak demand and recession fears in many big economies.

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Big time rollback in fuel prices seen next week

Big time rollback in fuel prices seen next week

Alvin Elchico,

ABS-CBN News

Published Aug 08, 2024 05:23 PM PHT

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Updated Aug 08, 2024 05:32 PM PHT

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