Motorists should wait until Tuesday (August 13) to fill up as a P2.50 price slash awaits them per liter of gasoline, P2.10 per liter of diesel, and P2.40 per liter of kerosene. This marks the third straight week of cuts for gasoline and the fifth for diesel and kerosene.
Department of Energy-Oil Industry Management Bureau Director III Rodela Romero said that "prices of petroleum products in the domestic pump will rollback next week, August 13, 2024," based on the four-day international oil trading.
"The sharp declines underscored the market's continued struggle between the recession concerns and the geopolitical tensions. Other bearish factors such as the growing concerns about lackluster consumption, especially of China and a worsening outlook for the global economy, and stronger peso outweigh bullish factors that push the oil prices up," she added.
Last week, Romero said that the oil market will remain volatile in the coming weeks due to various external factors.
Oil companies usually announce price adjustments in petroleum products every Monday for implementation the following day.
The latest price movements brought the year-to-date total adjustment for gasoline and diesel to P9.50 per liter and P6.65 per liter, respectively.
On the other hand, kerosene has a total year-to-date net decrease of P0.75 per liter.
According to the latest data from the DOE price monitoring, the prevailing retail prices of gasoline range from P55.00 to P83.05 per liter, diesel from P51.00 to P69.35 per liter, and kerosene from P72.34 to P83.70 per liter in Metro Manila.
Comments