Filipino motorists will experience continued relief in their pockets next week as prices of petroleum commodities at the pumps will be on another around of big-time rollback, according to oil companies.
Based on the outcome of five-day trading in the regional market, oil firms estimated that the price cut for unleaded gasoline products will be at P2.00 to P2.20 per liter while diesel prices will be slashed by P2.10 to P2.30 per liter.
Oil companies will enforce the price cuts on Tuesday, Aug. 9. The price reduction is anchored mainly on the cost swing of the Mean of Platts Singapore , the pricing reference being employed in the deregulated downstream oil industry. As noted by industry experts, the continued plunge in global oil prices has been ignited by escalated concerns of global economic recession; that in turn has been decimating oil demand among major economies in the world.
Even the public transport sector of the country is now regaining financial solace, because cheaper prices at the pumps could bring about higher daily earnings that they can bring home to their families.
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