DOE sees P8 diesel price rollback by end-September
The P8 per liter rollback on diesel, P6 on kerosene and P0.90 in gasoline, are expected next week.
The Department of Energy (DOE) anticipates a price reduction of up to P8 per liter for diesel by the end of September, following three weeks of significant price increases. Kerosene is also expected to decrease by P6 per liter, while the P0.90 per liter cut for gasoline remains uncertain. Based on early global oil price movements, DOE’s Oil Industry Management Bureau Director Rino Abad expressed optimism about the anticipated rollbacks.
Saudi Arabia's partial resumption of oil exports, with 40% of operations returning to normal, has contributed to easing market tensions. This development has led to a decrease in global oil prices, which in turn may lower local pump prices. The rollback is attributed to the easing of tensions in the Red Sea and the restoration of Saudi Arabia's 1,200-kilometer pipeline, allowing for alternative oil transportation routes.
The Philippines, heavily reliant on Middle Eastern oil imports (98%), faces the economic impact of these tensions, but the transport sector urges the government to consider fare increases. However, the government cautions that this should be a "last resort" to avoid burdening commuters. The excise tax relief proposal for liquefied petroleum gas and kerosene, recommended by the Department of Finance, excludes diesel and gasoline due to concerns over losing P12 billion in monthly revenue. The final decision on this proposal rests with President Ferdinand Marcos Jr.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
