OIL PRICES DOWN THIS WEEK, ANOTHER ROUND OF ROLLBACK

Petroleum companies announced price changes effective Tuesday as oil prices are dropping again this week (Photo courtesy of ABS-CBN News)

After the last oil price rollback, the Department of Energy-Oil Industry Management Bureau (DOE-OIMB) said that another round of major pump price cuts is set this week because of weakening global demand.

The major oil price rollback is set to implement on Tuesday by fuel retailers which is still not enough to offset the hikes implemented so far this year for both gasoline and diesel.

According to DOE-OIMB Assistant Director Rodela Romero, the latest price adjustments that will take effect on Tuesday, September 17 are:

• Gasoline – P0.90 to P1.20/liter
• Diesel - P1.30 to P1.60/liter
• Kerosene - P1.50 to P1.65/liter

Meanwhile, in separate advisories, Seaoil Philippines Corp. and Shell Pilipinas Corp. aid that gasoline prices will be lowered by P1.00 per liter,diesel by P1.30 per liter and kerosene by P1.65 per liter.

Cleanfuel and Petro Gazz will also implement the adjustments at 6 a.m. on Tuesday excluding kerosene which they do not carry.

Last week per liter prices rolled back rolled back by P1.55 in gasoline, diesel by P1.30, and kerosene by P1.40.  Bringing the year-to-date adjustments to a net increase of P5.85 per liter for gasoline and P3.05 per liter for diesel, and a net decrease of P4.70 per liter for kerosene. 

DOE-OIMB cited the price movements due to the weakening global demand prospects and expectations of oil oversupply. OPEC has cut its forecast for global oil demand growth in 2024 after keeping it unchanged since July 2023. It cited China’s low crude demand as the world’s second largest economy faces economic challenges and moves to cleaner fuels.

Source: The Manila Times 

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