According to reports from oil companies, the price of gasoline will be reduced by P2.45 per liter, diesel by P1.90 per liter, and kerosene by P2.40 per liter.
(Picture by Dexter Terante)
This marks the third price rollback for gasoline and the fifth for diesel.
The Department of Energy - Oil Industry Management Bureau, from its office in Bonifacio Global City, Taguig City, stated that the decrease is due to concerns over a recession in the United States, global tensions, and China's reduced use of petroleum products.
Despite the rollback, there has been a significant increase in gasoline prices since the beginning of the year, with a rise of P9.50 per liter for gasoline and P6.65 per liter for diesel.
