Price rollback came after two straight weeks of price hike
(Eagle News) — Another oil price rollback is set on Tuesday, September 6, with gasoline prices being slashed by P2.60 per liter, and diesel prices by P1.55 per liter.
Kerosene prices are also set to be reduced by P1.60 per liter effective Tuesday.
This was announced by various oil companies following the lower crude prices in the world market.
The rollback follows two straight weeks of price hike, particularly on August 23 and 30, which saw gas prices being increased by a total of P2.10 per liter (P1.40/ liter on August 30 and 70 centavos per liter on Aug. 23), and diesel prices by a total of P8.70 per liter (P6.10/liter on Aug. 30 and P2.60/liter on Aug. 23)
Last Thursday, Sept. 1, oil prices slumped more than three percent on growth worries as well as concerns easing about a possible decision by OPEC+ members to cut production to support prices that Saudi officials had posited last month.
“I’m not sure Saudi Arabia expected markets to test their nerve so quickly but it seems the suggestion that a reduction next week won’t be considered has removed the production cut risk for now,” said analyst Craig Erlam at OANDA trading platform.
That day, the West Texas Intermediate, went down by 3.2 percent at $86.69 per barrel, while the Brent North Sea crude was down 3.4 percent at $92.36 per barrel
(Eagle News Service with a report from Agence France Presse)