A rollback of as much as P3.80 per liter is set for domestic fuel prices this week.
In an advisory Aug. 31, Seaoil said it will cut gasoline prices by P0.32 per liter, diesel by P3.83 per liter, and kerosene by P3.84 per liter, effective 6 a.m. today, Sept. 1.
Jetti Petroleum, in turn, will slash gasoline prices by P0.40 per liter and diesel by P3.90 per liter.
Meanwhile, Petron Corporation will implement cuts of P0.30 per liter for gasoline and P3.80 per liter for both diesel and kerosene.
Jetti Petroleum president Leo Bellas, in a message to journalists Aug. 28, has projected the oil price rollback based on the price developments in the international market.
He noted that “threatened US sanctions fell short of the market’s expectations and (market players) viewed the economic pressure as a lower-risk path for physical supply than a military escalation, reducing the oil market’s anxiety and easing immediate supply concerns.”
“Prices are further weighed down by signals of a potential return to mediation to end the war and reopen the Strait of Hormuz after Iran said it had resumed talks with Oman, although the physical supply picture reflects a still-constrained market and supply disruption risks remain,” he said. | PNA
