• CHERYL G. CRUZ
The second week of substantial rollback in the pump prices of petroleum products will take effect tomorrow, Sept. 17.
Oil companies announced over the weekend that diesel could go down by P1.10 to P1.30 per liter, gasoline by P0.90 to P1.10/L, and kerosene by P1.40 to P1.70/L.
The exact adjustments will be known today, Sept. 16.
On Sept. 10, oil companies also implemented a uniform decrease of P1.55/liter for gasoline, P1.30/liter for diesel, and P1.40/liter for kerosene.
This as the Department of Energy said that week-on-week price of Dubai crude decreased by around $3.40 per barrel, while the international price of gasoline, diesel, and kerosene have also decreased week-on-week by about $4.80, $4.10, and $4.20 per barrel, respectively.
“The OPEC+ alliance announced recently that it will extend its 2.2 million b/d (barrels per day) voluntary production cuts by two months to December, amid concerns that rising supply could outstrip fledgling demand,” the DOE added, noting that “crude oil futures have settled lower on anticipated Libyan oil recovery, and weak China and US economic data, offsetting the impact of delay in OPEC+ production hike and tight US inventories.”
Total adjustments for gasoline and diesel stood at a net increase of P5.85/liter and P3.05/liter, respectively, while kerosene logged a total net decrease of P4.70/liter since the start of this year, as per the DOE Oil Monitor. | CGC
