Pump prices down for 2nd straight week: diesel by P1.45 per liter, gasoline by P0.45 per liter

Oil firms on Monday announced another round of cuts in the pump prices of petroleum products, marking the second straight week of rollbacks.

In an advisory, Cleanfuel said it will roll back prices per liter of gasoline by P0.45, and diesel by P1.45.

The changes will take effect at 12:01 a.m. on Tuesday, September 13, 2022.

Other firms have yet to make similar announcements for the week.

Department of Energy (DOE) Oil Industry Management Bureau Assistant Director Rodela Romero attributed this week’s rollback to lower demand seen across the globe.

“Ang kadahilanan sa rollback, una ‘yun pong global economic slowdown na sinasabi. Ibig sabihin, nagkaroon ng pagbagal sa kalakalan sa buong mundo,” she said in a public briefing.

[The reason of the rollback, firstly, is the global economic slowdown which means there is a slowdown in global trade.]

Romero said this would hit demand, as the slowdown would translate to less mobility and economic activities across the world.

The rollback was also attributed to the policy tightening in major markets such as Europe and the United States.

“There’s a possibility na magkaroon ng global recession next year so with that, magca-cut ulit ng demand,” Romero said.

[There’s a possibility of a global recession next year so with that, demand is expected to be cut.]

Locally, the Bangko Sentral ng Pilipinas (BSP) raised rates by 50 basis points in August, 75 basis points in an off-schedule hike in July, and 25 basis points each in June and May.

Local firms last week rolled back prices per liter of gasoline by P2.60, diesel by P1.55, and kerosene by P1.60.

Latest data available from the DOE indicate that year-to-date total adjustments stand at a net increase of P18.15 per liter for gasoline, P31.70 per liter for diesel, and P27.10 per liter for kerosene as of August 23, 2022. —KG/RSJ, GMA News