MANILA, Philippines - Philippine fuel prices may be cut anew, after a P1.00 reduction was implemented last weekend, an oil company official said.
The most prudent value for a rollback is at P0.50," Fernando L. Martinez, President of Eastern Petroleum Corp., told reporters.
He also asserted that the demand of transport groups to bring prices to P37 a liter is impossible."
We came from a higher crude price so that is not the same situation. And oil prices were not yet in the $100 mark," Martinez said.
Dubai crude declined to $116 in August 13, finally staying at $109 per barrel.
According to the latest oil price monitoring undertaken by the energy department, retail prices of gasoline is currently at P56.70 to P58.15 per liter, kerosene at P58.80 to P60.76 per liter, and diesel at P55.30 to P58.00 per liter. - GMANews.TV