Oil firms cut prices for second straight week
Oil companies are implementing another round of price rollbacks effective on Sept. 17.
Seaoil, PetroGazz, Shell Pilipinas and Cleanfuel, in advisories on Monday, said the prices per liter of gasoline would go down by P1, diesel by P1.30 and kerosene by P1.65.
This marks the second consecutive week of price cuts.
“Weakening global demand prospects and expectations of oil oversupply are the main factors for the said rollbacks,” Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, said in an earlier statement.
According to her, Opec+, made up of the Organization of the Petroleum Exporting Countries and allies led by Russia, downgraded its demand forecast for 2024 and next year.
She added that China’s crude demand “remains seasonally weak.”
The year-to-date net increases for gasoline and diesel now stand at P4.85 and P1.75 per liter, respectively, while kerosene has a year-to-date net decrease of P6.35 per liter.
