Fuel budgets of motorists this week shall be leaner as the oil companies implemented a rollback of P0.45 per liter on the price of diesel products; and P0.30 per liter for gasoline products.
Kerosene, in addition, will have heftier price cut of P0.55 based on the price adjustments announced by the oil companies.
As of press time, the industry players that already sent notices on reduction of their pump prices this week include: Pilipinas Shell Petroleum Corporation, Seaoil, Cleanfuel, PetroGazz, PTT Philippines, Flying V and Chevron; while the rest of their competitors are anticipated to follow.
The price rollbacks will be effective Tuesday (September 8) – and that is consistent with the weekly schedule of the oil companies on cost movements at their retail networks.
World oil prices softened last week as demand recovery is still not showing clear pathway; and many experts are also projecting that industry rebound could stretch until 2021 to 2022.
For oil import-dependent market like the Philippines, cheaper prices in the world market would be beneficial because this could redound to price reductions at the domestic pumps.