Oil price rollback looms next week


Posted at Jun 08 2012 10:56 AM | Updated as of Jun 09 2012 01:07 AM

MANILA, Philippines - A fresh round of oil price rollback looms next week.

From Monday to Wednesday this week, the average price of imported gasoline went down by P2.05 per liter, imported diesel by P2.10 per liter.

"Medyo malaki ito sa $4 to $5 na," Energy Undersecretary Jay Layug said.

Fuel prices in the Philippines have been going down since April. Diesel already rolled back 9 times or a total of P6.55 per liter. Gasoline prices likewise have gone down 9 times or a total of P5.45 per liter.

Despite cheaper fuel now, transport group Pasang Masda continues to look for even cheaper diesel.

The 100% biodiesel from processed used cooking oil is what members of the group have been using in the last 3 months for their jeepneys.

This biodiesel is P3 to P4 cheaper than regular biodiesel sold in gasoline stations. Biodiesel sold in gasoline stations are priced at P43 per liter, while 100% biodisel from used oil is only P39 per liter.

However, the Department of Energy clarified that it has not yet passed the quality standards set by government.

But for Pasang Masda, this cheaper biodiesel works well with their jeepneys, as evidenced by less smoke emissions. - Report from Alvin Elchico, ABS-CBN News