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8TH STRAIGHT WEEK

Big-time fuel price rollback set on Tuesday, Dec. 4


Good news for motorists and households.

Pump prices of petroleum products are expected to go down anew next Tuesday for an eighth consecutive week of fuel price cuts.

The price of cooking gas is also dropping big-time on Saturday.

The Department of Energy noted on Friday an oversupply—both in terms of oil output and inventories—are having a huge impact on crude prices in global markets. 

The prices of gasoline, diesel, and kerosene are expected to decline by around P2.00 per liter, an oil industry source told GMA News Online.

Early this week, oil companies rolled back the prices per liter of diesel by P2.30, gasoline by P1.10, and kerosene by P2.10.

The price of diesel has declined by a total P6.20 and gasoline by P9.15 since October 15.

Data from the Department of Energy (DOE) showed the prices per liter of diesel currently range from P40.92 to P45.70, gasoline from P44.90 to P55.82, and kerosene from P46.12 to P55.76.

The DOE cited the following reasons for next week’s rollback:

  • Uncertainty about the US-China trade war and signs of increased global crude production
  • US Energy Information Administration (EIA) weekly petroleum status report showed that US commercial crude inventories increased by 3.6 million barrels
  • Market expectations that oil prices would trend lower despite talks of an output cut by Saudi Arabia and other countries to balance oil markets
  • Commodity traders focusing on inventory data and interest rates

Fuel price adjustments are usually implemented by domestic oil companies every Tuesday

In separate advisories on Friday, Petron Corp. and ISLA Petroleum & Gas Corporation also said they are rolling back prices of cooking gas starting Saturday, December 1.

Petron is slashing prices of its liquefied petroleum gas (LPG) brands Gasul and Fiesta Gas by P6.40 per kilogram, equivalent to P70 per 11-kilogram cylinder.

It will also lower the price of AutoLPG by P3.50 per liter.

ISLA Petroleum is lowering the price of Solane by P6.39 per kilogram. —VDS, GMA News

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