Fuel prices drop after consecutive hikes

Although the decrease was lower than projected, motorists can finally see some relief at the pump starting tomorrow morning.

In separate advisories today, fuel companies announced a rollback of 50 centavos per liter for gasoline, 70 centavos per liter for diesel, and 85 centavos per liter for kerosene.

Price adjustments are announced every Monday, with the changes taking effect the following day.

Last week’s projections indicated a potential decrease of 90 centavos to as much as P1.10 per liter for diesel and a supposed drop of 50 to 70 centavos for gasoline.

The smaller-than-expected rollback was primarily attributed to elevated freight costs.

In the previous week, fuel prices rose significantly, with gasoline increasing by P2.65 per liter, diesel by P2.70, and kerosene by P2.60, which marked the fourth consecutive week of increases for diesel and the third for kerosene.

From the beginning of the year through 15 October, gasoline prices went up by P9.05 per liter, while diesel prices increased by P6.75. Conversely, kerosene prices saw a net decrease of P2.75 per liter.