Here's some good news to start the first full week of the -BER months; the two consecutive weeks of price hikes have come to an end.
Gasoline fuel products are dropping PHP 2.60 per liter, while diesel rolls back by PHP 1.55 per liter. On the other hand, kerosene will be having its price cut by PHP 1.60 per liter starting tomorrow, September 6.
Shell and CleanFuel have announced their price adjustments are taking effect by 6:00 AM and 12:01 AM, respectively. Other companies are expected to follow once they make their advisories today.
The past two weeks of price hikes were undone in the case of gasoline, which only increased by PHP 2.10 per liter. But for diesel, there's still a long way to go since it increased by PHP 8.70 per liter.
In the global market, oil traders are still having a see-saw affair when it comes to investing in crude oil, as fears of global recession loom when the trend increases. On the other hand, renewed restrictions in China have slowed down their demand for oil and hence became one of the reasons for this week's price rollback.
So in case you still have plenty of fuel left in the tank, there's no need to rush to the next gasoline station this week as prices are going down. Hopefully, this will be the case in the coming weeks.