By Alena Mae Flores
Oil prices will go down by as much as P2.30 per liter effective Tuesday due to the softening of global petroleum prices.
“Diesel should go down by P2.10 to P2.30 per liter. Gasoline should go down by P0.80 to P0.90 per liter,” Unioil Petroleum Philippines said.
This will be the fifth consecutive week of rollback for diesel.
“Based on the five-day trading, there will be a rollback for gasoline, diesel, and kerosene. Reasons for the rollback are the COVID surge in China, the interest rates hike and the OPEC cuts in its forecast for 2022 global oil demand growth,”
Diesel…Department of Energy director for the Oil Industry Management Bureau Rodela Romero said.
On November 15, oil firms raised the price of gasoline by P0.90 per liter and kerosene by P1.35 per liter, while implementing a P0.30 per liter rollback for diesel.
These resulted in total year-to-date adjustments to stand at a net increase of P18.15 per liter for gasoline, P36 per liter for diesel, and P27.25 per liter for kerosene.