Fuel price cuts of over P1 by next week - DOE

Metro Manila, Philippines – Motorists may expect a big fuel price cut next week, estimates of the Department of Energy (DOE) showed on Friday, Sept. 6.

Gasoline and diesel may be cheaper by up to P1.30 per liter, and prices of kerosene may go down by P1.35 per liter.

The DOE cited “sluggish” demand from China and the US and the recovery of Libyan oil production as among price cut drivers.

It also cited a report indicating the plans of the Organization of the Petroleum Exporting Countries + members to boost output by 180,000 barrels per day in October.

Oil companies carried out price adjustments on Tuesday, with pump costs rising by a few centavos.