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Thursday, February 22, 2024

Lower fuel, power rates next week

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Consumers can expect a price cut on both fuel products and electricity prices next week.

Domestic pump prices are expected to go down by as much as P1.95 per liter on Tuesday to reflect the movement of prices in the world oil market.

The Department of Energy confirmed the oil price rollback of more than P1 across all products.

Sources said diesel may rollback pump prices from P1.70 to P1.95 per liter, gasoline by P1.60 to 1.80 per liter and kerosene by P1.35 to P1.45 per liter.

On Dec. 5, 2023, oil firms implemented an increase in gasoline and kerosene by P0.30 and P0.20 per liter, respectively.

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Diesel prices, however, went down by P0.30 per liter.
These price adjustments resulted in a year-to-date net increase of P12.60 per liter for gasoline, P5.70 per liter for diesel and P1.94 per liter for kerosene.

Meanwhile, power retailer Manila Electric Co. is set to announce possible lower generation charges on Tuesday.

Meralco expects lower generation charges for December with fewer power plants on outage last month.

Meanwhile, rice prices in the country may increase before the next harvest season begins in March, industry groups said.

The Federation of Free Farmers chairperson Leonardo Montemayor said palay prices have risen to around P30 per kilo.

Philippine Rice Industry Stakeholders Movement co-founder Orly Manuntag said the price of rice may increase by P1 to P2 depending on the international market.

Department of Agriculture monitoring data showed prices in Metro Manila for local well-milled rice ranged from P45 to P57, while imported well-milled rice was at P52 per kilo.

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