Due to recent significant fluctuations in fuel prices in the Philippines, the tenderee provides the following explanations regarding the quotation basis and price adjustment for sand transport work:
The base price for fuel in the quotation is PHP 65 per liter.
When the market fuel price fluctuates by more than 10% from the base price, the price for sand transport work will be adjusted as follows: for upward market price adjustments, "Quoted Price + (Market Price - (1+10%) Base Price) 0.4"; for downward market price adjustments, "Quoted Price + (Market Price - (1-10%) Base Price) 0.4".
The market price is determined by the weekly average fuel price during the settlement period at the Department of Energy (Lowest Price of DIESEL-PETRON in Pasay City), website at: https://doe.****.ph/articles/group/liquid-fuels?maincat=Retail%20Pump%20Prices subcategory=NCR%20Pump%20Prices display_type=Card.