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Diesel on rollback by P0.20/liter; gasoline to rise by P0.25/liter

Filipino motorists pockets could gain slight relief if they will fill up with diesel on their vehicles this week, as the price of this fuel will be reduced by P0.20 per liter.

It is a contrasting cost trend for gasoline, as the price of this product will go up by P0.25 per liter; whereas for kerosene products, it will also have a rollback of P0.35 per liter.

As of this writing, the oil firms that already sent notices on price adjustments had been Pilipinas Shell Petroleum Corporation, Seaoil Philippines, PetroGazz, Total and PTT Philippines effective Tuesday (August 11); and their industry competitors are contemplated to follow.

In recent weeks, Filipino consumers had just seen very marginal seesaw in prices as cost swings in the world market had been on relatively steady tempo.

Global experts noted that while there have been rally in prices in the past weeks, draw on oil

commodities pulled back following alarm on the possibility of second wave of Covid-19 infections in various parts of the world.

In the case of the Philippines, it is now on its second round of modified enhanced community quarantine (MECQ) or a stricter lockdown declaration because of rising cases of infections.

This entailed more people getting stuck at home as the public transport sector’s operations had been halted anew from August 4 to 18 — the duration of the new lockdown period in Metro Manila and nearby provinces.

And with a forecast of cases surge that may hit 210,00 this August, there is no clear prognosis yet as to how well the recovery momentum of the domestic economy will fare in the coming months.

Oil commodities underpin operations of businesses and industries; and it is also a major support for the mobility needs of people.

For an oil import-dependent economy like the Philippines, it keeps pace with the vulnerability of global oil pricing when it comes to its weekly price adjustment at the pumps.  


Source: Manila Bulletin (https://mb.com.ph/2020/08/10/diesel-on-rollback-by-p0-20-liter-gasoline-to-rise-by-p0-25-liter/?utm_source=rss&utm_medium=rss&utm_campaign=diesel-on-rollback-by-p0-20-liter-gasoline-to-rise-by-p0-25-liter)

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