Metro Manila, Philippines – A big-time price cut on petroleum products is seen next week, the Department of Energy said on Friday, Aug. 9.
An energy official said the price of gasoline may drop by P2.30 to P2.50 per liter; diesel by P1.90 to P2.10; and kerosene by P2.35 to P2.40 per liter.
According to the Oil Industry Management Bureau, the price adjustments are based on the four-day international market trade.
“The sharp declines underscored the market’s continued struggle between the recession concerns and the geopolitical tensions,” bureau Assistant Director Rodela Romero said.
“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,” she added.
The Energy Department said the oil market will remain volatile in the next few weeks.
NewsWatch Plus correspondent Daniza Fernandez contributed to this report.
