Gasoline, diesel get big rollbacks on November 10

MANILA, Philippines – Fuel prices are set for a bigtime rollback starting Tuesday, November 10.

The Department of Energy (DOE) announced the following permitted price adjustments for November 10 to 16:

• Gasoline – rollback of at least P16.80 per liter
• Diesel – rollback of at least P4.10 per liter
• Kerosene – rollback of at least P3.70 per liter

Last week, gasoline prices saw a hike of as much as P3.50 per liter, while diesel and kerosene prices fell by at least P1 and P1.90 per liter, respectively.

International oil prices fell as hope rekindled for the easing of tensions between the United States and Iran following the US midterm elections. A possible de-escalation of the conflict could allow more Middle Eastern oil to reach global markets, improving the strained supply.

Local pump prices remain substantially higher than before fighting involving Iran and US-Israeli forces broke out on February 28. In the last full week before the conflict, common Metro Manila prices stood at P56 per liter for RON95 gasoline, P54.70 for RON91, P55 for diesel, and P83.47 for kerosene.

The Philippines imports much of its petroleum requirements as finished products, making domestic prices vulnerable to changes in regional fuel markets, freight costs, and foreign exchange rates.

Meanwhile, excise taxes on liquefied petroleum gas and kerosene remain suspended under Executive Order No. 125, issued by President Ferdinand Marcos Jr. in September. The relief does not cover gasoline or diesel. – Rappler.com