Pump prices decline for 2nd straight week
FUEL prices will drop on Sept. 17, 2024 for the second week. The cost of gasoline went down by P1 per liter, diesel by P1.30 and kerosene by P1.65. The Department of Energy's Oil Industry Management Bureau attributed the price decline to weakening global oil demand and expectations of an oversupply. The bureau also noted that the Organization of the Petroleum Exporting Countries and its allies revised down its demand forecast for this year and 2025, and China's crude demand remained seasonally weak. On the supply side, Iraq's crude exports hit an eight-month high, and Libya resumed shipments, which could trigger an oversupply. Since January, the price of gasoline has gone up by P4.85 and diesel by P1.75. The price of kerosene has dropped by P6.35.
Tomas Kauer - Moderator 
FUEL prices will drop on Sept. 17, 2024 for the second week.
The cost of gasoline went down by P1 per liter, diesel by P1.30 and kerosene by P1.65.
The Department of Energy's Oil Industry Management Bureau attributed the price decline to weakening global oil demand and expectations of an oversupply.
The bureau also noted that the Organization of the Petroleum Exporting Countries and its allies revised down its demand forecast for this year and 2025, and China's crude demand remained seasonally weak.
On the supply side, Iraq's crude exports hit an eight-month high, and Libya resumed shipments, which could trigger an oversupply.
Since January, the price of gasoline has gone up by P4.85 and diesel by P1.75.
The price of kerosene has dropped by P6.35.
