Gas, diesel pump prices down by 20%, but benefit hardly felt with ECQ
Pump prices of gasoline have gone down by one-fifth over the past three months, making the fuel more affordable at 12 percent of the average monthly income in the Philippines as of April from 16 percent in January.
However, local motorists are hardly enjoying its benefits given the strict travel restrictions amid the enhanced community quarantine.
According to GlobalPetrolPrices.com, pump prices of diesel fell more steeply by one-third.
Data from the United States-based research institute showed that the price of gasoline in the country was P40.20 (around 79 US cents) a liter as of April 27, sliding down 22 percent from P51.50 (99 cents) a liter on Jan. 20.
“The average value for Philippines during that period was P46.71 per liter (90 cents),” the company said in a market update. “For comparison, the average price of gasoline in the world for this period is P63.19 (or $1.22 per liter).”
At the same time, the pump price of diesel fell by 33 percent to P29.93 per liter from P44.70 per liter.
The average value for Philippines during that period was P38.69 per liter compared to the global average of P57.41 per liter.
Also, the Philippines ranks 87th out of 109 economies worldwide in terms of gasoline affordability. The institute does not provide rankings for diesel.
A 40-liter gasoline fill-up —representing the average size of a vehicle’s fuel tank—represents 12.3 percent of the average monthly income per person in the Philippines.
The group said this was based on its own data on global fuel prices as well as World bank data on gross national product per capita. INQ
