Oil companies announced that they are again lowering the prices of the various petroleum products this week. On average, the oil companies are cutting gasoline prices per liter by PhP2.40-2.50 and diesel by PhP2.00-2.10. Kerosene prices have also been rolled back by PhP1.70-1.80.
UniOil and Petro Gazz were the first to announce a rollback, with the latter declaring a PhP2.50 price drop on gas and at PhP2.00 on diesel.
The rollback–the fifth in as many weeks–took effect today, Tuesday, November 13, at 6:01 AM.
The main reason for the successive rollback on petroleum product prices is the lower demand for oil in the international market, as the USA boosted its crude oil producing efforts, surpassing both Russia and Saudi Arabia to become the world’s largest oil producer.
Other reasons cited include the strengthening of the US Dollar and uncertainties in the business environment due to the worsening trade war between China and US.
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