Fuel Prices Roll Back After Two Weeks of Hikes, Offering Relief to Filipino Motorists

MANILA, Philippines – Fuel prices rolled back starting Tuesday, September 1, giving motorists some relief after two straight weeks of fuel price increases. The Department of Energy (DOE) announced the following fuel price adjustments: Gasoline – rollback of P0.32 per liter Diesel – rollback of P3.83 per liter Kerosene – rollback of P3.84 per liter Before the latest adjustment, the Department of Energy’s price monitoring showed common retail prices in Metro Manila at P76.90 per liter for gasoline RON95, P75.90 per liter for gasoline RON91, P89.40 per liter for diesel, and P118.10 per liter for kerosene for the week of August 25 to 31. The rollback follows last week’s fuel price hike, when gasoline rose by P1.08 per liter, diesel by P2.31 per liter, and kerosene by P0.95 per liter. A week earlier, on August 18, gasoline prices also increased by P2.49 per liter, diesel by P3.84 per liter, and kerosene by P5.01 per liter. The latest rollback provides some breathing room after a volatile August dominated by sharp swings in domestic pump prices due to movements in global crude and refined fuel markets, foreign exchange pressures, and continuing geopolitical risks in the Middle East. The DOE’s August 25 oil monitor, which covered August 17 to 21 trading, showed the market pressures behind the previous week’s fuel price hike, including higher Dubai crude, gasoline, and diesel prices, as well as a weaker peso. But the same monitor also pointed to factors that could limit further increases, including rising US inventories, improving refinery output in Asia, and improved shipping flows through the Strait of Hormuz. Local pump prices remain above levels seen before the Middle East crisis erupted on February 28. In the last full week before the conflict, DOE data showed common retail prices in Metro Manila at P56 per liter for gasoline RON95, P54.70 per liter for gasoline RON91, P55 per liter for diesel, and P83.47 per liter for kerosene. The Philippines is a net importer of petroleum products, making local pump prices vulnerable to global oil price swings, foreign exchange movements, regional refined fuel prices, and disruptions in international supply routes. – Rappler.com