Big-time fuel price cuts take effect on Aug. 13

Fuel retailers are slashing the prices of petroleum products by as much as P2.45 per liter starting on Aug. 13. In separate advisories on Monday, Seaoil, Shell Pilipinas, Caltex, Jetti and Petro Gazz said the prices per liter of gasoline would drop by P2.45, kerosene by P2.40 and diesel by P1.90.

The downward adjustments mark the third consecutive week of price cuts for gasoline and the fifth for diesel and kerosene. “The sharp declines underscored the market’s continued struggle between recession concerns and geopolitical tensions,” said Rodela Romero, bureau director III of the Department of Energy-Oil Industry Management.

Other factors included a “lackluster consumption especially of China and a worsening outlook for the global economy” in addition to a stronger peso, she added. The oil market is seen to remain volatile “for the coming weeks,” Romero said. —LISBET K. ESMAEL