Motorists will get a slight relief in fuel expenses this week as oil prices are set to decline on Tuesday amid slowing regional demand.
In separate advisories on Monday, oil companies announced that gasoline prices will be slashed by P0.40 per liter, diesel by P1.45 per liter, and kerosene prices by P1.70 per liter.
Rino Abad of the Department of Energy-Oil Industry Management Bureau said the two straight weeks of oil price reduction was due to the projected lower demand due to the looming round of interest hike by the US and Europe.
Abad said the "very minimal impact" of the production cut by the Organization of the Petroleum Exporting Countries for October also contributed to the decline.
Fuel with most increase
The DoE data showed that the price reduction brought the year-to-date adjustment of gasoline to P16.95 per liter, diesel to P36.25 per liter, and kerosene to P31.60 per liter.
Last week, oil firms also cut gasoline by P2.60 per liter, while diesel and kerosene prices fell by P1.55 per liter and P1.60 per liter, respectively.
The government figures also showed that as of last week, 6 to 8 September, the prices per liter of gasoline in Quezon City, Metro Manila's largest city, ranged from P63.75 to P73.55 per liter
Meanwhile, diesel amounted to around P77.20 to P81.95 in Makati City, dubbed as the country's financial hub. In Manila, kerosene was sold from P82.11 to P93.45 per liter.
