Fuel prices to rollback by up to P1.50 per liter

Metro Manila, Philippines - Fuel costs will rollback by up to P1.50 per liter after a week of price hikes, industry players said on Monday, Aug. 11.

Starting Tuesday, gasoline prices will decrease by P0.40 per liter.

Per-liter costs of diesel and kerosene, meanwhile, will go down by P1.50 and P1.30, respectively.

In a government newswire service report, Jetti Petroleum attributed the price drop to the further increases in the production of the Organization of the Petroleum Exporting Countries.

Persisting tariff uncertainties and hopes for the end of the Ukraine-Russia war may have also contributed to the weakening oil costs.