Gasoline prices to have 10 centavo/liter rollback; diesel prices to be cut by P1.05/liter
Gas pumps at a fuel station in Quezon City (Contributed photo by NEU students for Eagle News Service)
(Eagle News) – Oil companies will once again implement a price rollback of petroleum products effective Tuesday, August 16, but much lower than previous price cuts in the previous weeks.
Gasoline products will be reduced by 10 centavos per liter, while diesel prices will have a bigger slash of P1.05 centavos per liter. Kerosene prices will be reduced by 45 centavos per liter.
This is the seventh straight week of price rollback for diesel and kerosene, and the second straight week of rollback for gasoline prices since its last increase (by 75 centavos per liter) on August 2. Before this, gasoline prices have also been slashed since the start of July.
Various oil companies have already posted the price cuts for Tuesday, August 16, in their social media pages. The rollback would either be implemented as 12 a.m. or 6 a.m. Tuesday, depending on the oil companies.
-Oil prices on downtrend since July-
Oil prices in the world market have been on the downtrend since July.
On Monday, August 15, oil prices again took a down turn in the world market.
Oil prices slumped nearly five percent Monday on data showing China’s economic recovery stuttering under Covid-19 restrictions and a slumping property sector.
Stock markets mostly steadied and the dollar traded mixed as investors welcome signs of cooling US inflation, which nevertheless remains at the highest level in decades.
“It’s been an underwhelming start to the week in financial markets with the eternal optimism of investors clashing with the reality of Chinese economic data,” noted Oanda senior market analyst Craig Erlam.
China’s central bank slashed key interest rates in a surprise move Monday as a raft of data showed weakness in the world’s second-largest economy.
The Brent North Sea crude was down by 4.8 percent at $93.46 per barrel
The West Texas Intermediate also went down by 4.5 percent at $87.99 per barrel.
If oil prices continue to drop in the world market, a price rollback of petroleum products next week would be likely.
(Eagle News Service with a report from Agence France Presse)