Manila Bulletin

Diesel cut by ₱3/liter; kerosene by ₱3.40

By MYRNA M. VELASCO

It will be a welcome relief for consumers as the price of diesel products will be trimmed by ₱3 per liter today, July 5, while the price of kerosene will be reduced by ₱3.40 per liter, according to oil companies.

There will be no cost movement for gasoline as industry players noted that the previously calculated marginal rollback of ₱0.20 to ₱0.40 per liter had been squirreled away by the decline in the Philippine peso’s value versus the US dollar, as well as market premium and other charges.

This is the eighth time that fuel prices were rolled back since January.

As of press time, the oil companies that already advised on their price reductions were Pilipinas Shell Petroleum Corporation, PetroGazz, Cleanfuel, Seaoil and Chevron.

The cost swings at the pumps were mainly anchored on the movement of the Mean of Platts Singapore (MOPS), which is the pricing reference embraced by the Philippine oil industry players.

In recent weeks, however, the highly volatile exchange rate was also being monitored closely by the oil companies as this has also been impacting immensely on the weekly fluctuations of prices at the pumps.

In this week’s initial day of trading, international benchmark Brent crude eased slightly to $111 from Friday’s $112 per barrel, but there are no clear signs yet if the downtrend will be sustained in the days ahead.

Filipino consumers are already squeezing blood from stone when it comes to their household budgets – with high fuel prices triggering inflationary pressures on the prices of basic commodities as well as on transport fares and wages.

The other dilemma of the country on the falling value of the local currency versus the US dollar is the eroding purchasing power of consumers – even for families of overseas Filipino workers.

The most awaited policy pronouncement of the newly-installed Marcos administration is on the measure it will enforce so it can help tame the cost impact of incessantly climbing oil prices that in turn, may also have chain reaction on electricity rates.

There had been initial pronouncements of targeted subsidies, but there is still no exact figure given by the new administration or when the promised new round of financial assistance will land in the hands of the marginalized consumers – primarily those in the public transport and agriculture sectors.

National News

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2022-07-05T07:00:00.0000000Z

2022-07-05T07:00:00.0000000Z

https://manilabulletin.pressreader.com/article/281539409656958

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