Metro Manila, Philippines – Prices of fuel products will have a hefty reduction effective Tuesday, Aug. 13.
Oil industry sources said on Monday, Aug. 12, gasoline prices will go down by P2.45 per liter.
Diesel will be cheaper by P1.90 per liter, while kerosene prices will be lower by P2.40 per liter.
The Department of Energy earlier said the price cut is due to the international market’s “continued struggle between the recession concerns and the geopolitical tensions.”
“Other bearish factors such as the growing concerns about lackluster consumption especially of China and a worsening outlook for global economy, and stronger peso outweigh bullish factors that push the oil prices up,” it said.
NewsWatch Plus correspondent Daniza Fernandez contributed to this report.
