Big-time fuel price rollback set for Tuesday, Aug 13

INQUIRER FILE PHOTO

Motorists can see a decrease of as much as P2.45 in the per-liter prices of petroleum products starting Tuesday.

In separate advisories on Monday, Seaoil and Shell Pilipinas said gasoline prices would drop by P2.45 per liter.

Kerosene and diesel, meanwhile, will be reduced by P2.40 and P1.90 per liter, respectively.

READ: Fuel prices to rollback on Aug 6

These downward adjustments mark the third consecutive week of cuts for gasoline and the fifth for diesel and kerosene.

“The sharp declines underscored the market’s continued struggle between the recession concerns and the geopolitical tensions,” said Rodela Romero, bureau director III of the Department of Energy-Oil Industry Management.

“Other bearish factors such as the growing concerns about lack luster consumption especially of China and a worsening outlook for global economy, and stronger peso outweigh bullish factors that push the oil prices up,” she added.

Romero expects the oil market to remain volatile “for the coming weeks.