Home Business World Gasoline retailers lower pump costs for 1st time in 2022

Gasoline retailers lower pump costs for 1st time in 2022

Gasoline retailers lower pump costs for 1st time in 2022

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PHILIPPINE STAR/ MICHAEL VARCAS

FUEL RETAILERS on Tuesday applied a rollback within the costs of gasoline, diesel and kerosene, ending 11 straight weeks of steadily rising pump costs.

The worth of gasoline, diesel, and kerosene merchandise have been slashed by P5.45, P11.45, and P8.55 per liter, respectively, as Dubai crude oil costs dropped final week.

That is the primary discount in pump costs this 12 months, but it surely was not sufficient to offset the collected enhance of P20.35 per liter for gasoline, P30.65 for diesel, and P24.90 for kerosene as of final week.

Power Secretary Alfonso G. Cusi stated the rollback is as a result of drop in common costs of petroleum merchandise primarily based on the Imply of Platts Singapore (MOPS), the pricing yardstick for a lot of refined merchandise in Southeast Asia, final week.

In a textual content message, Mr. Cusi stated the common value of gasoline was $120 per barrel final week, down from $138 per barrel the earlier week. The common value of diesel slipped to $125 per barrel from $157 per barrel beforehand.

Through the Laging Handa press briefing on Monday, Power Undersecretary Gerardo D. Erguiza, Jr. stated crude oil costs fell on account of issues the lockdowns in China would decrease demand and the progress in Russia-Ukraine talks.

Regardless of the decline in gas costs, Mr. Cusi stated the federal government will enhance the P3-billion funds for gas subsidies to P6.1 billion. — Marielle C. Lucenio

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