Fuel prices down by P2

Motorists are getting relief anew in their fuel expenses this week amid sustained oil price reduction due to tempered global prices.

In separate advisories on Monday, oil companies announced that diesel prices will be slashed by P2.20 per liter and gasoline by P2.10 per liter, effective Tuesday.

Kerosene prices, on the other hand, will decline by P2.55 per liter.

Last week, oil companies announced a P0.60 per liter reduction in the prices of diesel and a P0.75 per liter cut in kerosene prices. Gasoline, on the other hand, inched up a bit by P0.75 per liter.

Data from the Department of Energy showed that as of 2 August, the cumulative increase in diesel stood at P32.35 per liter and gasoline at P19.65 per liter.

Oil companies announce price adjustments every Monday to be implemented on the following day’s morning.

They adjust their prices weekly based on the movement of the Mean of Platts Singapore — the regional pricing benchmark adopted by the deregulated downstream oil sector.

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