Fuel prices continue to drop PDF Print E-mail
Tuesday, 16 December 2014 11:48

Fuel prices continue to drop after oil companies implemented a series of rollbacks as market sentiment still points to over-supply of fuel, the Department of Energy noted.

As per random price monitoring conducted within the city limits, comparative average price for diesel last month and this month saw a P5.68 decrease from P40.58 to P34.90 per litre as of December 15.  Gasoline prices also went down to an average of P47.50 per litre for premium gasoline from as high as P60.00 in the early part of this year.

This is the result of the 25th oil price rollback since the start of 2014, with big time rollback hitting just last week, where oil companies implemented a price cut from P2.25 to P2.50 per litre.

DOE credited the big reduction in fuel prices to the announcement made by the US Energy Information Agency after the meeting of the Organization of Petroleum Exporting Country (OPEC) last month, indicating that they will not cut fuel production resulting into a stable supply

Undersecretary Zenaida Y. Monsada, in an interview, said unless OPEC decides to cut production, oil price decrease can be expected.

Motorists and consumers in the city have expressed elation over the recent price cuts as this will have bearing on the prices of commodities.

“I just hope this trend will continue as this would be a big help for me as a motorist and also to the consumers in general”, Mr. Ar-chadee Bahjin, a government employee said.

For those particular with their budget, the rollback means savings or more value for their money.

“A hundred peso in the early part of this year can only buy me about 1 and a half litre of gasoline, but now, I can buy over two litres for the same amount. I now get a lot out of my hard earned money, and it also means I get to save”, a motorcycle owner said.

Accordingly, DOE officials are now trying to quantify the impact of the collapse in oil prices not only on transport fares and the prices of basic commodities but across all other oil-consuming industries. — MVC/DTI-9