FILE PHOTO: Fuel prices will go down starting Tuesday, September 17, 2024, as retailers announced the reduction of at least P1 a liter for gasoline, diesel, and kerosene. In separate advisories on Monday, Seaoil, PetroGazz, Shell Pilipinas, and Cleanfuel said prices of gasoline would go down by P1 per liter, diesel by P1.30 a liter, and kerosene by P1.65 per liter. Associated Press file photo
Fuel retailers will again cut the prices of petroleum products by at least P1 a liter beginning Tuesday, September 17, following a weak global demand outlook and oversupply concerns.
In separate advisories on Monday, Seaoil, PetroGazz, Shell Pilipinas, and Cleanfuel said prices of gasoline would go down by P1 per liter, diesel by P1.30 a liter, and kerosene by P1.65 per liter.
“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 (DOE) Oil Industry Management Bureau, explained in an earlier statement.
READ: Oil firms roll back prices effective Sept. 10
As of Sept. 10, DOE data showed that the year-to-date net increases of gasoline and diesel already reached P5.85 and P3.05 a liter, respectively.
Kerosene, on the other hand, had a net decrease of P4.70 per liter.
Last week, fuel prices per liter dropped by more than P1 with gasoline cost slashed P1.55; diesel, P1.30; and kerosene, P1.40.
A week before that, however, oil companies implemented upward price adjustments ranging from 30 centavos to 70 centavos.
READ: Oil prices tumble on growth worries, stocks diverge
Last September 7, Department of Energy-Oil Industry Management Bureau Director Rodela Romero said consumers would see cheaper oil prices due to “sluggish” demand from China and the United States.
The plan of the Organization of the Petroleum Exporting Countries and its allies to increase oil production also contributed to the descending movement of fuel prices.