Oil companies roll back pump prices of fuel

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MANILA, Philippines — Oil companies on Tuesday implemented for the second straight week another reduction in pump prices.

The price of gasoline per liter fell by 45 centavos per liter while diesel and kerosene costs dropped by P1.45 per liter and P1.70 per liter, respectively.

Last week, motorists got a reprieve as prices of gasoline and diesel dropped by P2.60 and P1.55 per liter while that of kerosene went down by P1.60 per liter.

The cumulative increases stand at P16.50 per liter for gasoline, P34.8 per liter for diesel and P29.9 per liter for kerosene.

In Metro Manila, gasoline retails for P61 to P78.95 per liter, based on the Department of Energy’s (DOE) price monitoring as of Sept. 8.

Diesel is sold for P70 to P88.10 per liter while kerosene ranges from P82.05 to P93.45 per liter.

Over the weekend, Rino Abad, oil industry management bureau director of the DOE, said the threat of lower demand due to another round of interest hikes by the United States and Europe might affect this week’s fuel prices.

Abad also said the Organization of the Petroleum Exporting Countries and its allies’ decision to cut output by 100,000 barrels per day made a very minimal impact on local prices.

As of Monday, the price of Dubai crude, the Asian bellwether, was trading at the $90 per liter level. The international benchmark Brent crude, on the other hand, is inching closer to the $94 per liter mark.

—JORDEENE B. LAGARE

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