The week ahead will be a good one for diesel users, as a slightly substantial price rollback awaits them at the pumps.
Diesel fuel will be cheaper by Php 4.15 per liter for the next seven days
Oil companies have announced that a reduction of Php 4.15 per liter for diesel fuel will be implemented beginning September 20. Meanwhile, there will be no movement in prices for gasoline, which could either be good or bad for gasoline vehicle owners.
Kerosene will also be discounted by Php 4.45 per liter, which bodes well for individual customers and companies that rely on the fuel. Independent oil player Cleanfuel said that the new prices will take effect by 12:01 a.m. Tuesday.
The price projections were made as early as the previous week
The figures fall within range of estimates projected last week, based on plummeting prices in the world market. On Friday, September 17, diesel prices were anticipated to roll back between Php 4 and Php 4.30 per liter. For gasoline, there were generally no expected adjustments, with optimistic estimates placing the price reduction at Php 0.30 per liter at most.
Meanwhile, kerosene was expected to slash prices between Php 4.40 and Php 4.60 per liter at the pumps.
Reuters reports that oil prices remained down over fears of hefty interest rates affecting global economic growth and demand for fuel. This was despite rates rising slightly following an oil spill in Iraq that will likely result in the curbing of crude supplies.
Gasoline prices will hold steady for now
Iraq’s Basra port oil terminal, which has four loading platforms and can export up to 1.8 million barrels of crude per day, was the location of the reported spill. According to the Basra Oil Company, the spill has been contained as oil exports at the site are gradually being resumed after being stopped the night before.
Both Brent and U.S. West Texas Intermediate (WTI) crude prices went down by almost two percent in part due to the stronger U.S. dollar, making oil more expensive for buyers that use other currencies.
Keep tabs on more fuel price updates at Philkotse.com.