Metro Manila, Philippines – Another possible hefty fuel price cut awaits motorists next week, estimates of the Department of Energy (DOE) showed on Friday, Sept. 13.
The DOE said gasoline may be cheaper by up to P1.20 per liter, diesel by P1.60 per liter, and kerosene by P1.65 per liter.
The agency said sluggish global demand and oil oversupply expectations are pushing prices down.
“(The) Organization of Petroleum Exporting Countries (OPEC+) revised down its demand forecast for this year and 2025 as reflected in the September Oil Market Report. Likewise, China’s crude demand remains seasonally weak,” the DOE said.
“On the supply side, Iraqi and Libya crude exports hit an 8-month high and have resumed loading, respectively,” it added.
Oil companies carried out big-time cuts early this week, with fuel prices down by over a peso per liter.
