another fuel price
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Another fuel price rollback set for August 11

ByJustpaste.in

MANILA, Philippines – Fuel prices are going down again starting Tuesday, August 11, giving motorists a second straight week of relief after the big fuel price hikes in late July.

In a press conference on Monday, August 10, Energy Secretary Sharon Garin announced the following price rollbacks for the week of August 11 to 17:

  • Gasoline – rollback of at least P4.70 per liter
  • Diesel – rollback of at least P4.30 per liter
  • Kerosene – rollback of at least P4.88 per liter

The adjustments will take effect on Tuesday, August 11.

The Department of Energy’s (DOE) price monitoring for August 4 to 10 showed the following common prices:

  • Gasoline RON97 – P89.40
  • Gasoline RON95 – P78.80
  • Gasoline RON91 – P78.20
  • Diesel – P88.80
  • Kerosene – P117.00

The rollback follows last week’s price cuts, when the DOE announced minimum rollbacks of P0.73 per liter for gasoline, P0.60 per liter for diesel, and P2.09 per liter for kerosene.

Those rollbacks were modest compared with the steep increases seen in late July. On July 28, pump prices rose by P6.80 per liter for gasoline, P7.32 per liter for diesel, and P4.22 per liter for kerosene. A week earlier, on July 21, gasoline rose by P3.65 per liter, diesel by P10.68 per liter, and kerosene by P11.77 per liter.

The latest rollback suggests easing pressure in global oil and refined fuel markets after weeks of volatility tied to the Middle East conflict. Market concerns have eased somewhat on renewed hopes for a possible US-Iran deal, although risks remain from continuing uncertainty in the region and disruptions affecting key shipping routes. (READ: Iran says deal on Strait of Hormuz is close but not enough to open the waterway)

The Strait of Hormuz, the narrow waterway between Iran and Oman, remains one of the world’s most important oil shipping routes. Any disruption to tanker traffic can quickly affect global crude and refined product prices.

That matters for the Philippines because the country imports much of its fuel as finished petroleum products, including diesel and gasoline. This means local pump prices are more directly influenced by regional traded prices of finished fuels, especially the Mean of Platts Singapore, or MOPS, rather than Dubai crude alone.

Despite the latest rollback, local pump prices remain above levels seen before fighting involving Iran and US-Israeli forces broke out 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. – Rappler.com

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