Philippine pump oil prices third lowest in Asia-Pacific

Pump prices in the Philippines still rank the third lowest among all the countries in the Asia-Pacific region, according to the latest government data. Figures from the Department of Energy show that the average prices of gasoline and diesel are at Php36.25 (US$0.75) per liter and Php31 (US$0.64) per liter, respectively. This can be attributed to several economic factors, particularly the fact that any rise in pump prices produce huge effects on the costs of other basic commodities in the country. Indonesia and Malaysia also join the list of countries with lower pump price. (July 12, 2009)