Oil price rollback set at P1 per liter

OIL companies expect a price rollback of up to P1 per liter this week to reflect the movement of world oil prices.

“Expect fuel prices to be lower. Diesel and gasoline should go down by P0.90 to P1 per liter,” Uniol Philippines said in its advisory. 

World oil prices declined last week due to the ongoing trade war between the US and China, which has slowed down demand.

The price decline, however, was tempered last week on reports that exports of the Organization of Petroleum Exporting Countries will slow down while Saudi Arabia was looking at a drop in its exports to manage oversupply.

Prices were also tempered due to the end of the strike of drilling rig workers in Norway.

On July 17, oil companies raised pump prices of gasoline by P0.30 per liter but rolled back the price of diesel by P0.15 per liter.

Kerosene prices did not change.

Oil prices also raised raised pump prices by P0.70 per liter for kerosene, P0.40 per liter for gasoline and P0.35 per liter for diesel last July 10.

Topics: Oil price , Organization of Petroleum Exporting Countries
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