Oil firms reduce prices this week
Credit to Author: Tempo Desk| Date: Sat, 25 May 2019 09:40:11 +0000
Prices at the pumps will be at a very marginal rollback of P0.10 to P0.20 per liter this week for array of gasoline and diesel products being retailed at the country’s deregulated downstream oil sector.
The oil companies are anticipated to adjust prices at the pumps on Tuesday as has always been their market routine.
As assessed by the Department of Energy, price cuts will be very lean because global cost swings just tracked downtrend around Thursday last week.
The Energy department has indicated that the impact of the trade war between the United States and China would still be worth monitoring, as well as the forthcoming meeting of the Organization of the Petroleum Exporting Countries and the Russian-led alliance of global producers in Vienna, Austria next month.
These two main factors are seen exerting pressure on international prices in the coming weeks – in addition to the recurrent geopolitical factors, especially in the Middle East where crux of global oil production flourishes.
Prior to this round of price cuts, the cost ranges for gasoline products had been P57.89 to P62.31 per liter; diesel at P41.55 to P50.19 per liter; and kerosene at P48.52 to P56.25 per liter. (Myrna Velasco)