November 21 ------ Motorists will be greeted by a rollback in pump prices in the coming week, local oil industry sources said.
Citing oil trading in the past four days (November 14 to 17), an oil industry source told reporters that the price per liter of diesel may be slashed by P1.70 to P1.90. Gasoline prices, meanwhile, may be reduced by P0.70 to P0.90 per liter.
Sought for comment, Oil Industry Management Bureau Director Rino Abad confirmed that there is an expected price rollback “for all products” next week. Abad cited the weaker demand from top oil importer China amid its rising COVID-19 cases as a factor for the anticipated drop in fuel prices. Oil companies usually announce price adjustments every Monday, to be implemented on the following day.
Data from the Department of Energy’s price monitoring, as of November 15 to 17, showed the price per liter of gasoline range from P61.50 to P72.85 per liter in Quezon City, Metro Manila’s largest city; diesel prices range from P75.10 to P82.09 per liter in Makati City, the country’s top financial hub; while in Philippine capital Manila, kerosene prices range from P80.46 to P88.00 per liter.
Source: mb.com.ph
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