Hefty fuel price cut set next week
Credit to Author: Brix Lelis| Date: Sat, 10 Aug 2024 00:00:00 +0800
MANILA, Philippines — Pump prices of petroleum products are poised to be slashed by as much as P2.50 per liter next week, according to the Department of Energy (DOE).
Based on the four-day trading in the Mean of Platts Singapore, DOE-Oil Industry Management Bureau assistant director Rodela Romero estimated a rollback of P2.30 to P2.50 per liter for gasoline.
The pump price of diesel is seen going down by P1.90 to P2.10 per liter, while that of kerosene is expected to drop by P2.35 to P2.40 per liter.
Friday’s trading would determine the final adjustments, which will be announced on Monday and will take effect the following day.
“The sharp declines underscored the market’s continued struggle between recession concerns and geopolitical tensions,” Romero said.
The peso appreciation and worries over the sluggish consumption of China and a worsening outlook for the global economy were said to have exerted downward pressure on domestic prices.
Romero noted that these bearish developments “outweigh bullish factors that push the oil prices up.”
Oil markets are anticipated to continue their volatility in the coming weeks.
Last Tuesday, oil companies reduced gasoline, diesel and kerosene prices by P0.10, P0.20 and P0.45 per liter, respectively.
Since January, gasoline and diesel have increased by P9.50 and P6.70 per liter, respectively, while kerosene has decreased by P0.75 per liter.