Diesel, kerosene, gas prices down
‘DoE monitoring showed oil prices “retreated as China’s commitment to zero-Covid dashed hopes for a sharp rebound of near-term demand in the world’s largest crude oil importer’
Daily Tribune‘DoE monitoring showed oil prices “retreated as China’s commitment to zero-Covid dashed hopes for a sharp rebound of near-term demand in the world’s largest crude oil importer’
The prices of fuel products sold at the pump will slightly decline again this week starting 01 November amid a volatile market.
In a separate advisory on Monday, oil companies announced that the price of diesel, the so-called poor man's fuel, will decrease by P0.60 per liter.
Gasoline and kerosene prices will both be slashed by P0.25 per liter.
Based on the oil monitoring data from the Department of Energy, the cumulative increase in gasoline price as of 26 October stood at P16.10 per liter, diesel at P37.40 per liter, and kerosene at P29.20 per liter.
Prices retreat
The DoE noted in its monitoring advisory that oil prices "retreated as China's commitment to zero-Covid dashed hopes for a sharp rebound of near-term demand in the world's largest crude oil importer."
Meanwhile, it said that gasoline in Asia cracked against Dubai as stockpiles saw a weekly draw in the US and Singapore, but a rise in Chinese exports continued to weigh on the markets.
As of 27 October, the price per liter of gasoline ranges from P61.05 to P71.35 per liter in Quezon City, Metro Manila's largest city.
Diesel prices, meanwhile, range from P76.20 to P80.89 per liter in Makati City, the country's top financial hub. In Manila, kerosene sells from P79.71 to P88.80 per liter.
Oil companies announce price adjustments every Monday to be implemented the following day's morning.
They adjust their prices weekly based on the movement of the Mean of Platts Singapore — the regional pricing benchmark adopted by the deregulated downstream oil sector.
