A huge rollback has been tacked down on Tuesday, August 13.
Seaoil and Shell Pilipinas have announced a cut of P2.45 per liter for gasoline. The cost of kerosene meanwhile, has been reduced by P2.40 for every liter and diesel by P1.90 for every liter.
This is the third week of price declines for gasoline and the fifth for both kerosene and diesel.
These decreases have emerged from the market's persisting struggle with recession concerns and 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," Romero added.
She anticipates that in the coming weeks, the oil market will stay erratic.
