Consumers can benefit from slight reduction in pump prices this week, with diesel prices getting trimmed by P0.30 per liter; and kerosene had been down by P0.40 per liter.

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There was also expectation of at least P0.20 to P0.25 per liter rollback in gasoline prices, but that was wiped out by the increase in the cost of ethanol, a biofuel blended to gasoline products. As such, there was no price cut implemented for gasoline products.

As of press time, the oil firms that already announced their price reductions had been Pilipinas Shell Petroleum Corporation, PetroGazz, Cleanfuel, Seaoil and Chevron – effective Tuesday (August 17) while their rival-firms are anticipated to follow.

Prior to this adjustment, the oil industry players indicated previously that they still have remaining P0.50 per liter recovery for their ethanol blend to gasoline – and they intended to pass it on this week to consumers; and the balance in the succeeding week.

As culled from the monitoring of the Department of Energy (DOE), domestic pump prices still incurred a net increase of P13.90 per liter for gasoline; P11.10 per liter for diesel; and P9.45 per liter – based on adjustments reckoned from the start of the year.

The general sentiment in oil markets globally is renewed slide in demand as the surge in Delta variant cases for Covid-19 may trigger sluggish economic recovery in most parts of the world.

Many countries, including in Asia, have resorted to fresh round of lockdowns so they can stem further spread of infections and to avoid also a scenario wherein their respective health care systems would be extremely overwhelmed.


Source: Manila Bulletin (https://mb.com.ph/2021/08/16/diesel-prices-cut-by-p0-30-liter-kerosene-by-p0-40-liter/?utm_source=rss&utm_medium=rss&utm_campaign=diesel-prices-cut-by-p0-30-liter-kerosene-by-p0-40-liter)