Gas costs down by not less than P1/liter anew beginning Sept 17

FILE PHOTO: Gas costs will go down beginning Tuesday, September 17, 2024, as retailers introduced the discount of not less than P1 a liter for gasoline, diesel, and kerosene. In separate advisories on Monday, Seaoil, PetroGazz, Shell Pilipinas, and Cleanfuel stated costs of gasoline would go down by P1 per liter, diesel by P1.30 a liter, and kerosene by P1.65 per liter. Related Press file picture

Gas retailers will once more reduce the costs of petroleum merchandise by not less than P1 a liter starting Tuesday, September 17, following a weak world demand outlook and oversupply issues.

In separate advisories on Monday, Seaoil, PetroGazz, Shell Pilipinas, and Cleanfuel stated costs of gasoline would go down by P1 per liter, diesel by P1.30 a liter, and kerosene by P1.65 per liter.

“Weakening world demand prospects and expectations of oil oversupply are the primary elements for the stated rollbacks,” Rodela Romero, director of the Division of Vitality’s (DOE) Oil Trade Administration Bureau, defined in an earlier assertion.

READ: Oil corporations roll again costs efficient Sept. 10

As of Sept. 10, DOE information confirmed that the year-to-date web will increase of gasoline and diesel already reached P5.85 and P3.05 a liter, respectively.

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Kerosene, alternatively, had a web lower of P4.70 per liter.

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Final week, gas costs per liter dropped by greater than P1 with gasoline value slashed P1.55; diesel, P1.30; and kerosene, P1.40.

Per week earlier than that, nevertheless, oil corporations carried out upward worth changes starting from 30 centavos to 70 centavos.

READ: Oil costs tumble on progress worries, shares diverge

Final September 7, Division of Vitality-Oil Trade Administration Bureau Director Rodela Romero stated customers would see cheaper oil costs on account of “sluggish” demand from China and the USA.

The plan of the Group of the Petroleum Exporting International locations and its allies to extend oil manufacturing additionally contributed to the descending motion of gas costs.