Fuel prices drop after two-week hike
The decline was driven by lower demand in South Korea, high US fuel inventories, progress in Ukraine-Russia ceasefire talks, and the potential impact of upcoming US tariffs.
(FILE PHOTO) A gas station attendant adjusted the fuel prices on 17 September 2024. Starting on that date, gasoline prices will decrease by at least P1 per liter, diesel by P1.30, and kerosene by P1.65. This reduction is due to weak global demand and concerns about oversupply, especially from China and the U.S. Recent data indicates that gasoline and diesel prices have increased by P5.85 and P3.05 per liter to date, respectively. This price reduction follows similar cuts from the previous week, driven by low demand and plans by oil-producing nations to boost output.
Yummie Dingding