Gasoline, diesel prices rollback set today

Price rollback on petroleum products sold at the pump is set anew for the fifth straight week amid easing of global prices and regional demand.

In separate advisories on Monday, oil companies announced that kerosene prices have the largest reduction of P0.85 per liter, starting Tuesday morning, 4 October. Diesel prices will also go down by P0.45 per liter and gasoline by P0.40 per liter.

Department of Energy data showed that as of 27 September, the cumulative increase in gasoline price remained at P14.85 per liter, diesel at P29.40 per liter and kerosene at P24.10 per liter.

The DoE noted in its oil monitoring advisory that crude prices fluctuated in volatile trading in the latest week in tandem with broader financial markets as investors weighed mixed demand signals. It said global recession fears continued to weigh on oil prices sentiment.

Steady fall

As of 29 September, the price per liter of gasoline ranged from P60.30 to P70.10 per liter in Quezon City, the largest city in Metro Manila.

Diesel prices, meanwhile, range from P70 to P74.70 per liter in Makati City, the country's top financial hub. In Manila, kerosene sold from P74.61 to 84 per liter.

Oil companies announce price adjustments every Monday, for implementation in the morning of the following day.

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.