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PIA Press Release
2006/10/13

Oil prices cut anew

Quezon City (13 October) -- FOR THE second time this month, oil firms slashed gasoline, diesel and kerosene prices by 50 centavos a liter, reflecting the continuing decline of oil prices in the international market.

In an earlier interview, DoE oil industry management bureau director Zenaida Monsada said motorists could expect gasoline prices to go down by as much as two pesos a liter this month, with the reductions expected to be implemented on a staggered basis.

With this price reduction, gasoline prices have already dropped by one peso per liter this month.

Diesel prices, however, would not go down as much, because the tariff on crude and finished products has been restored to the mandated three percent, from the reduced level of two percent, Monsada said. Oil firms used tariff savings from gasoline to partially subsidize the prices of their socially sensitive diesel products.

Still, diesel prices have also gone down by one peso a liter this month.

Thursday's rollback brought premium unleaded gasoline prices to between 37.74 pesos and 40 pesos a liter, diesel to between 32.20 pesos and 37.50 pesos a liter, and kerosene to between 35.69 pesos and 40.50 pesos a liter. (PIA) [top]

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