Fuel prices to drop by over P7 per liter on September 29

Domestic fuel prices will decline this week by more than PHP7 per liter, following the drop in global oil prices last week.

In separate advisories, Jetti Petroleum and Petron Corporation said diesel prices will be rolled back by PHP7.60 per liter and gasoline prices by PHP0.30 per liter effective 6 a.m. Tuesday.

Petron will also cut the price of kerosene by PHP5.90 per liter.

Jetti Petroleum noted, however, that price changes for its products vary in some locations.

Last week, an oil firm official projected a decline in domestic fuel prices this week amid hopes for diplomatic efforts during the United Nations General Assembly meeting in New York and improving supply conditions from Saudi Arabia.

However, the official said risks remain, primarily due to the US-Iran issue.