Pump prices to fall Sept. 29 after 3 straight weeks of hikes
Motorists will see lower pump prices starting September 29.
Manila, Philippines — Starting September 29, local pump prices for fuel are expected to decrease, bringing down costs for motorists and the transport industry after three consecutive weeks of price hikes, according to the Department of Energy (DOE). The price adjustments will be implemented at 6 a.m. on Tuesday, September 29, and will remain in effect until Monday, October 5. The rollback comes after consecutive weeks of rising prices for major petroleum products, with some pump prices surpassing P100 per liter.
The DOE reported that diesel prices increased by a total of P18.31 per liter, kerosene by P16.67, and gasoline by P15.25 in the last three weeks. According to Rino Abad, Director of the DOE Oil Industry Management Bureau, global oil prices began to ease following Saudi Arabia's announcement that 40% of its oil export operations would resume. This development contributed to the decline in local pump prices.
The decrease in fuel costs is expected to have an immediate impact on public utility vehicles, with higher fares that took effect on September 28. Additionally, transport groups have staged strikes to demand relief from the rising fuel costs, highlighting the importance of the price adjustment for the transport sector.
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.
