AUTO INDUSTRY NEWS

Fuel prices roll back by as much as PhP 0.95/L today

Fuel prices roll back by as much as PhP 0.95/L today image

Text: Eric Tipan / Photos: Anton Andres | posted January 26, 2016 12:42

Oil firms slash fuel prices again

Expect to see more automobiles on the road as Filipinos continue to enjoy weekly fuel price rollbacks caused by the ongoing oil glut in the international market and also by the depreciation of the local currency.

Pilipinas Shell Petroleum Corp. and Phoenix Petroleum Philippines, in separate public advisories, said they would reduce gasoline prices by 60 centavos per liter and diesel prices by 90 centavos per liter.

Shell will also cut kerosene prices by 90 centavos per liter.

Eastern Petroleum slashed their diesel fuel by 95 centavos per liter and gasoline prices by 60 centavos per liter since last night at 6PM.

According to Eastern Petroleum chairman and chief executive Fernando Martinez, even market analysts don’t know how long this trend will last but that it “will continue to defy experts' expectations.”

The Department of Energy's (DOE's) oil monitor for Metro Manila has indicated that as of January 20, diesel’s price range is between Php 18.45 - 21.65 per liter. The common price being Php 20.20 per liter.

Gasoline prices, on the other hand, range from Php 32.15-39.95 per liter with a common price of PHP37.10 per liter.