MOTORISTS will enjoy a reprieve after three straight weeks of price increases, as expensive fuel products will decline by up to P7.57 per liter starting today.
Rino Abad, director of the Department of Energy’s Oil Industry Management Bureau, said local fuel retailers would implement major rollbacks for diesel and kerosene to P7.57 and P5.85 per liter, respectively.
Gasoline, meanwhile, would only dip by 24 centavos.
The official said the improving supply situation, led by Saudi Arabia, has cooled global oil prices.
On Sept. 25, Jetti Petroleum president Leo Bellas said P7 may slash diesel to P7.50 per liter, while gasoline prices may also dip by 50 centavos to P1 per liter.
“Oil prices fell on diplomacy hopes in the Iran war during this week’s UN General Assembly meeting, and recovering shipments from Saudi Arabia eased supply concerns,” he said.
Abad earlier said that the release of about 14 million barrels from Saudi Arabia could also help “stabilize” supply issues. (Lisbet K. Esmael © Philippine Daily Inquirer)
