Another round of price reductions for petroleum products is in store for motorists this week, which is good news if you’re planning to top up your tanks.
PH Fuel Watch announced price reductions anew as early as last week
In its Facebook post, oil price watchdog PH Fuel Watch announced that diesel prices will be reduced between Php 0.50 and Php 0.80 per liter on October 4. Meanwhile, gasoline prices will also be slashed between Php 0.40 and Php 0.60 per liter. Actual prices could vary depending on the station and location.
In a separate advisory, independent fuel retailer Unioil had more modest projections, estimating price drops of between Php 0.50 and Php 0.60 per liter for diesel, while pegging rollbacks for gasoline at between Php 0.40 and Php 0.50 for every liter. Meanwhile, Cleanfuel will be implementing rollbacks of Php 0.40 rollback per liter of diesel and Php 0.45 per liter of gasoline effective 12:01 a.m. on October 4.
Cleanfuel will be implementing the new prices after midnight of October 4
GMA News Online cites an industry source as saying that the fuel price movements were based on oil trading data from September 26 to 30, 2022, leading to diesel price reductions by Php 0.30 to Php 0.70 per liter and gasoline price rollbacks by Php 0.20 to Php 0.60 per liter. These are based on estimates from the Mean of Platts Singapore (MOPS).
The latest round of fuel price cuts has been helped by a slight appreciation of the Philippine peso against the U.S. dollar. The local currency closed at Php 58.97 to the greenback at the end of trading Thursday, helped by the Bank of England’s move to purchase long-dated U.K. government bonds, temporarily reducing the demand for dollars.
The Philippine peso appreciated slightly against the dollar at the end of Thursday trading
This will be the fifth consecutive downward trend in fuel prices at the pumps. As of September 20, gasoline prices have risen by a total of Php 14.85 per liter since the start of 2022, with motorists paying between Php 64.90 and Php 71.35 per liter of the lowest-priced 91 octane blend. For diesel, the total price increase has reached Php 29.40 per liter for the same period, now retailing for between Php 66.75 and Php 83.54 per liter.
Keep an eye on fuel price movements at Philkotse.com.