Philippine Government Rolls Back Fuel Prices

Associated Press

The government announced an unprecedented rollback in prices for petroleum products, citing the lower costs of oil imports and voicing hope the move will slow inflation.

Prices for gasoline, kerosene, diesel oil and liquefied petroleum gas will be reduced an average 2.5%. The government said it hoped that will cause the inflation rate to drop from last year’s 42.7% to between 20% and 24% in 1984.

The price for a gallon of gasoline will fall to about $1.74 from about $1.78. The Presidential Palace said this could trigger reductions in prices for food, light and water.