Marcos announces big P24.94 price cut for diesel next week

MANILA, Philippines – President Ferdinand Marcos Jr. announced another oil price rollback expected to take effect on Tuesday, April 21.

On his Facebook, the President said diesel prices would be reduced by P24.94 per liter; gasoline by P3.41 per liter; and kerosene by P2 per liter. 

“May ginhawang parating (There’s relief coming),” he said.

The price cut for diesel is bigger than the P20 per liter that took effect this week, Tuesday, April 14, which the President announced last Sunday, April 12.

In the National Capital Region (NCR), the price range for diesel for the week of April 7 to 13 was P120 to P160.20 or a common price of P153.70. (See graph below:

The P24.94 per liter reduction would bring down the common price of diesel in the NCR from P153.70 per liter to P128.76 per liter.

This, however, is still more than double the common price for diesel of P55 per liter in the NCR before the US-Israel war on Iran on February 28. 

Diesel is the most critical fuel for the Philippines since it is used by jeepneys and trucks to deliver all sorts of goods, especially farm produce, throughout the country. 

Gasoline, kerosene

The P3.41 per liter reduction for the cheapest gasoline (RON91) would bring down its common price in the NCR from P94.50 to P91.09 per liter. However, this is still P36.39 per liter higher than the price of gasoline (RON91) before the war. 

The P2 per liter price cut for kerosene would bring down its common price in the NCR from P163.10 per liter to P161.10 per liter.

Marcos urged oil companies in the country to implement the rollback in full.

“Ipatupad ninyo ang rollback ng buo, tama, at walang pagaantala (Implement the rollback in full, correctly, and without delay),” he said. – Rappler.com