Amid fuel prices surge in the Philippines, some respite could be on the way
A top official at the Department of Energy said retail prices of fuel products, including liquefied petrolegum gas are likely to come down in the first week of May.
Add BT as a preferred source
OIL companies in the Philippines typically announce price adjustments every Monday, which then kick in the next day. On that front, it hasn't been much good news for businesses and households this year, with oil firms raising prices in 14 of the past 16 weeks since early January, affecting everyone from jeepney drivers to shop owners.
There were 2 price rollbacks in April, but the last fortnight have seen petrol products become dearer again. The dire situation facing Philippine households and businesses led to Leila de Lima, a senator and a staunch critic of President Rodrigo Duterte, to implore the government to act quickly.
She recently proposed a resolution to temporarily suspend the import duties of fuel products until prices stabilise.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
