Pump price update: Diesel down by P1.55, gas drops by P1

MANILA: For the second straight week, prices of diesel, gasoline, and kerosene have all gone down but this week sees the biggest rollback yet.

The price of diesel drops by P1.55, price of gasoline goes down by P1, and price of kerosene rolls back by P1.45.

Cleanfuel, Phoenix Petroleum, and Unioil implemented the adjustment as early as Sunday, while Chevron, Petro Gazz, Seaoil, and Shell will make it effective today.

The rollback is due to the low price of oil, currently below US$40 per barrel, this month. Analysts are hoping for the price to rebound in October even as demand for transport fuels, jet fuel, and power generation remains unstable.

With the summer season ending in big markets like Europe and North America, demand is expected to fall. Couple that with rising COVID-19 cases in various parts of the world and we could see prices of fuel go down even further.

Photo from the Philippine News Agency

Also read: Pump price update: Fuel prices go down across the board