Oil firms roll back fuel prices by up to P3.05/liter effective Oct 10

MANILA  -Big-time rollbacks in the pump prices of petroleum products will greet motorists on Tuesday, Oct. 10, as local oil firms announced cuts by up to P3.05 per liter.

In separate advisories, the companies said they would slash the prices of gasoline by P3.05 per liter and diesel by P2.45 per liter.

The price of kerosene will likewise decline by P3 per liter.

Shell and Seaoil will implement the price adjustments by 6 a.m. on Tuesday.

This comes as fears of high interest rates reduced global demand, according to Rodela Romero, assistant director of the Department of Energy (DOE) Oil Industry Management Bureau.

READ: Oil price rally set to falter as demand doubts loom

Stronger dollar also weakened demand for oil from other countries, while a “spectacular” price drop was observed during last week’s trading, Romero added.

READ: OPEC+ maintains output reduction to boost oil prices

This marks the third consecutive week of rollbacks for gasoline and kerosene.

Last week, oil firms cut the prices of gasoline by P2 per liter and kerosene by 50 centavos per liter. Diesel, meanwhile, saw an increase of 40 centavos per liter.

This resulted in a year-to-date net increase of P15.30 per liter for gasoline, P13.80 per liter for diesel and P8.94 per liter for kerosene, the DOE said.

DOE data show that as of Oct. 5, prevailing retail prices in Metro Manila ranged from P60.15 per liter to P87.95 per liter.