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MANILA, Philippines — After hiking their prices last week, fuel retailers are implementing a considerable decrease in the prices of their products, effective Aug. 27.
In separate advisories, Seaoil, Cleanfuel, Caltex and Shell Pilipinas said the prices per liter of diesel would be reduced by P1.90, kerosene by P1.85 and gasoline by P1.15.
Rodela Romero, director of the Department of Energy’s (DOE) Oil Industry Management Bureau, attributed the lower prices to the weak global demand, which “makes the market bearish.”
READ: Cheaper fuel prices set on Tuesday, Aug 27
“Added to it are the Israel-Gaza ceasefire talks that ease supply fears and the production recovery support from Libya’s Sharara Oilfield,” she said in an earlier statement.
Oil companies implemented upward adjustments last week, raising the prices of their products from P1 to P1.20 per liter. Seaoil, Shell Pilipinas, Clean Fuel, and PetroGazz hiked the prices per liter of diesel by P1.20, and P1 for both gasoline and kerosene.
As of Aug. 20, DOE data showed that total adjustments of gasoline and diesel since the start of the year stood at a net increase of P8.05 and P5.95 per liter, respectively.
Kerosene, on the other hand, had a total net decrease of P2.15 per liter.