By El Amigo
MANILA, Philippines — Drivers can expect lower fuel costs beginning Tuesday as oil companies prepare to slash pump prices by more than P4 per liter across major fuel products.
The Department of Energy announced that gasoline prices will be cut by P4.70 per liter, while diesel will be reduced by P4.30 per liter effective August 11.
Kerosene will see the biggest reduction at P4.88 per liter.
The rollback comes amid changes in global crude prices, with market watchers closely monitoring developments surrounding tensions between the United States and Iran.
According to Jetti Petroleum president Leo Bellas, any improvement in US-Iran relations could further ease pressure on international oil prices and eventually translate into additional reductions at local fuel stations.
Bellas also pointed to the stronger Philippine peso against the US dollar as another factor helping bring down domestic fuel costs.
The latest price cuts are expected to offer welcome relief to motorists, transport operators and other fuel-dependent consumers as pump prices continue to respond to developments in the international oil market.
elamigo/xf
