Fuel prices drop after consecutive hikes

Motorists experienced some relief at the pump this week as fuel prices saw a slight decline, breaking a streak of four consecutive weeks of increases, although the decrease was lower than projected.

In separate advisories on Monday, 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.

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

Elevated freight costs

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 have risen by P9.05 per liter, while diesel prices increased by P6.75. Conversely, kerosene prices saw a net decrease of P2.75 per liter.