Friday, June 9, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home News Top Stories

Fuel price rollback up, inflation slower

Alena Mae S. FloresbyAlena Mae S. Flores
October 5, 2019, 1:30 am
in Top Stories
Reading Time: 4 mins read
A A
Share on FacebookShare on TwitterShare on Email

The oil companies will likely implement a price rollback next week due to the softening of world oil prices, industry sources said during the weekend.

PRICES PLUNGE. Prices of vegetables, fish and meat products have decreased at Manila’s Paco market, with inflation rate in the country dropping to 0.9 percent in September from 1.7 percent the month before. Norman Cruz

Laban Konsyumer Inc. president Victorio Dimagiba said international movement of oil prices indicated a possible downward trend as confirmed by an oil player.

READ: Inflation rate decreased below 1% in September

“According to one oil company rollback of diesel indicative ranges P0.85 a liter to P1.10 a liter. Gasoline should rollback by P0.75 to P1 per liter,” Dimagiba said.

An oil industry official, for his part, said there were no final figures as of press time but said initial reports indicate a price rollback.

This will be the second consecutive oil price rollback as oil firms cut the price of gasoline by P1.45 to P1.55 per liter and diesel by P0.50 to P0.60 per liter from Sept. 29 to Oct. 1.

Meanwhile, the Energy department  has ordered 13 oil companies to explain why their oil price rollback was lower than government computations and why their increase in the price of cooking gas was higher than expected.

“Our actions support our mandate to protect consumer welfare and ensure fair oil industry practices,” Energy Secretary Alfonso Cusi said.

“The SCOs [show cause orders] would provide these companies the opportunity to explain how they arrived at their respective oil price rollback calculations,” he said.

The department declined to name the 13 oil companies but gave them until Oct. 7 to formally respond to the government order.

Energy Assistant Secretary Leonido J. Pulido III said the oil companies implemented a lower price cut than what was computed by the department.

While the oil firms cut the price of gasoline by P1.45 to P1.55 per liter and diesel by P0.50 to P0.60 per liter early this week, Pulido said by their calculations, the oil firms should have cut gas prices by 22 centavos more for gasoline and six centavos more for diesel.

“We want them to explain it; we are not saying they are wrong,” he said.

Pulido added that for liquefied petroleum gas, the oil companies raised prices higher than the world market.

“We’re also asking LPG suppliers and importers to explain in three days,” he said.

The oil companies raised the price of LPG from P3.98 a kilo to P4.50 a kilo effective 12:01 a.m. Oct. 1.

“We were just surprised. Historically, our computations would match. It prompted us to ask them to explain. This is the first time over the last three years. We really want to hear [from them] in the next few days,” Pulido said.

In a related development, Deputy Minority Leader and Bayan Muna Rep. Carlos Isagani Zarate on Friday said the reported 0.9 percent inflation rate for September “does not mean that the prices of basic goods are now lower.” 

READ: Oil players in hot water over pump price swings

“Truth to tell, it only means that there is a minimal increase in the prices of goods last month, but, the prices remain high since the banner 6.7 percent inflation rate last year,” Zarate said.

According to Zarate, what consumers want to hear is the lowering of prices and not just the rate of inflation. 

“As it is, even if we have a zero inflation last month, it only means that there is no price increase, but, prices are still high, nonetheless,” he said.

“The government should not crow about this because it is even slow in addressing the many issues hitting consumers now like the worsening health crises, the African Swine Fever, killer low palay price for impoverished farmers, oil price hikes and impending water rate increases,” Zarate said.

 

READ: Phoenix and Isla join bandwagon, raise LPG prices

For his part, Deputy Speaker Conrado Estrella of ABONO Party-list group aired his optimism that the inflation rates would plunge a little deeper as consumers start to reap the benefits of the Rice Tarrification Law.

“The urgent job at hand is to immediately put in place measures that will lessen the impact of Rice Tarrification Law to our farmers.  Together with the Department of Agriculture, we are doing this now,” said Estrella.

Estrella said emergency cash assistance for affected rice farmers will be distributed within the month in provinces like Pangasinan.

“Starting next week, we will visit small rice farmers, distributed  their cash assistance and explain to them the benefits and advantages of the Rice Tarrification Law, which is far from what they are being made to believe in,” said Estrella.

READ: Petron leads LPG price hike, oil cut

Maricel V. Cruz

Tags: Conrado EstrellaDepartment of Agriculturefuel priceInflationRice Tarrification Law
ADVERTISEMENT
Alena Mae S. Flores

Alena Mae S. Flores

Related Posts

PBBM to new DOH Chief: Craft COVID exit plan, focus on TB, HIV cases

byMacon Ramos-Araneta
June 9, 2023, 1:05 am
0
8
PBBM to boost morale of SEAG-bound PH athletes

President Ferdinand Marcos Jr. has instructed Dr. Ted Herbosa to craft a COVID-19 exit plan for the country and focus...

Read more

ASEAN naval drills up in SCS

byAFP
June 9, 2023, 1:00 am
0
8
Sweet dreams are made of these: Tips to achieve great sleep every night

Bloc's first-ever joint exercises to focus on maritime search and rescue Southeast Asian nations have agreed to hold their first-ever...

Read more

Marcos: No shift from China to another superpower

byVince Lopez
June 9, 2023, 12:55 am
0
8
Marcos: No shift from China to another superpower

ALL SMILES. President Ferdinand Marcos Jr. gamely poses for a selfie with Chinese Ambassador Huang Xilian (in blue suit), Association...

Read more

House leaders call for end to ‘political bickering’

byMaricel Cruz
June 9, 2023, 12:50 am
0
8
Southwoods nails Seniors’ Fil golf crown

Lawmakers said they remain focused on efforts to improve the lives of Filipinos as they called for an end to...

Read more

Alert Level 3 raised over Mayon:‘ Hazardous eruption’ possible

byRio N. Arajaand3 others
June 9, 2023, 12:45 am
0
8
The ‘Big One’: Over 60k fatalities, 120k missing

ERUPTION LIKELY. This handout photo shows Mayon Volcano spewing white smoke as seen from Legazpi City on June 8, 2023....

Read more

Non-monetary benefits eyed for soldiers

byVince Lopez
June 9, 2023, 12:40 am
0
8
PNP gets new armaments

Amid grumbling over a government plan to cut military pensions, Defense Secretary Gilberto Teodoro Jr. said Thursday that non-monetary benefits...

Read more

Print Edition

View More

Recent Posts

  • France’s Macron to visit knife attack victims: presidency
  • Ricci Rivero confirms breakup with Andrea Brillantes?
  • Crash landing on us! Swiss village reels from Netflix fame
  • Sudan declares UN envoy Volker Perthes ‘persona non grata’
  • Messi Mania triggers social media, ticketing boom
  • Easy Franchise grants P1m in franchising services to winning startup 
  • Krispy Kreme treats dads to coffee doughnut creations
  • Pat Robertson, who made Christian right a political force, dead at 93

Advertisement

Latest News

Easy Franchise grants P1m in franchising services to winning startup 

byManila Standard
June 9, 2023, 9:42 am
0
8
Easy Franchise grants P1m in franchising services to winning startup 

Easy Franchise, the Philippines' go-to platform for all things franchising, will launch of its Franchise Incubation Program this coming July....

Read more

Krispy Kreme treats dads to coffee doughnut creations

byManila Standard
June 9, 2023, 9:41 am
0
8
Krispy Kreme treats dads to coffee doughnut creations

Strong and ever reliable dads are in for the sweetest treats from the home of Original Glazed® doughnuts. Whether you call...

Read more

Pat Robertson, who made Christian right a political force, dead at 93

byAFP
June 9, 2023, 9:30 am
0
8
Pat Robertson, who made Christian right a political force, dead at 93

Pat Robertson, the soft-spoken televangelist who helped make America's Christians a powerful political force while demonizing liberals, feminists and gays...

Read more

Trump says has been indicted in classified documents probe

byAFP
June 9, 2023, 9:00 am
0
8
Trump says has been indicted in classified documents probe

Donald Trump said Thursday he has been indicted over his handling of classified documents after leaving office, the former US...

Read more

Cheap diabetes drug reduces risk of long Covid: study

byAFP
June 9, 2023, 8:30 am
0
8
Cheap diabetes drug reduces risk of long Covid: study

People who took a cheap diabetes drug after testing positive for Covid-19 had a 40 percent lower risk of getting...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App