THE motoring public will get a small break from successive fuel price hikes this week as oil companies are set to roll back pump prices by as much as P1.50 a liter.
In an advisory yesterday, August 11, Petron, Seaoil, and Shell said the per-liter price of diesel and kerosene would be slashed by P1.50 and P1.30, respectively.
Fuel price movements are usually scheduled for implementation every Tuesday.
Industry players said late last week that the potential rollbacks could be attributed to increases in oil production and uncertainties surrounding tariff policies in major economies that are depressing economic activity.
Last Tuesday, August 5, the price of gasoline increased by P1.90 per liter, diesel by P1.20 per liter, and kerosene by P1 per liter.
The adjustment was a result of the fluctuations in the international oil prices due to weaker demand forecast in the US after the recent weaker jobs report and possible higher production by the Organization of the Petroleum Exporting Countries and its allies. (Lisbet K. Esmael © Philippine Daily Inquirer)
