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The motoring public will see cheaper prices of petroleum products in the last week of August.
In separate advisories, Seaoil, Cleanfuel, Caltex, and Shell Pilipinas said the per-liter prices of diesel would be slashed by P1.90 beginning Tuesday.
Kerosene prices would drop by P1.85 a liter, while gasoline would also be reduced by P1.15 per liter.
“Poor global demand remains one of the main drivers that makes the market bearish. Added to it are the Israel-Gaza ceasefire talks that ease supply fears and the production recovery support from Libya’s Sharara Oilfield,” Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, said in an earlier statement.
Last week, oil companies imposed upward adjustments in pump prices ranging from P1 to P1.20 per liter.
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