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Tuesday, February 27, 2024

Fuel price rollback next week; Power rates rising

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Consumers can expect a price rollback across all products by Tuesday next week to reflect the movement of prices in the world oil market.

Industry sources estimate the price rollback for diesel at P1 to P1.30 per liter, kerosene at P0.85 to P1.05 per liter and gasoline from P0.40 to P0.70 per liter.

Meanwhile, power distributor Meralco has hinted at a potential increase in overall electricity rates in November.

Meralco spokesman Joe Zaldarriaga said prices of electricity at the spot market, where the utility sources part of its supply, have risen recently.

Zaldarriaga also noted the repricing of Malampaya natural gas, which lifts prices higher than they were from the previous quarter.

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But he said not all cost inputs are already on hand, which is why Meralco is set announce to the final rate changes by late next week.

Department of Energy (DOE) director for the oil industry management bureau Rodela Romero confirmed on Friday the anticipated rollback in pump prices based on the four-day trading,.

“We will be expecting another round of rollback on prices of petroleum products. This rollback adjustment is attributed on the contained situation of the Israel Hamas war; additional crude production outputs from OPEC and US; slowing fuel demand growth due to weakening global economic growth,” Romero said.

On Oct. 31, 2023, the oil companies implemented a mixed adjustment on the price of petroleum products.

The oil firms cut the price of kerosene and diesel by P1.20 and P1.25 per liter, respectively but increased the price of gasoline by P0.45 per liter.

These price adjustments resulted in a year-to-date net increase of P14.20 per liter for gasoline, P10.45 per liter for diesel and P5.04 per liter for kerosene, the DOE said.

On Nov. 1, the oil companies increased the price of cooking gas or liquefied petroleum gas (LPG) by P0.45 to P0.50 per kilo per kilo, equivalent to P4.95 to P5.50 per kilo for an 11-kilo tank used primarily by households.

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