Big-time rollback on pump prices next week
Prices at the domestic pumps will be on big-time rollback next week to a scale of P1.50 to P1.60 per liter for diesel products, based on the calculations of industry players.For gasoline, the anticipated reduction will be at P0.95 to P1.15 per liter; while kerosene prices will be down by P1.40 to P1.50 per liter.
Oil companies are anticipated to implement the price reductions on Tuesday , in keeping with the weekly track of adjustments they have been enforcing in the deregulated oil market. Dubai crude, which is held as a pricing reference for the Asian market, this likewise softened to $40 per barrel after it surged past $45 per barrel in recent weeks.
In the Asian regional market, based on last week’s monitoring of the Department of Energy , demand remained lackluster despite a well-supplied market; and that was mainly attributed to the persisting slowdown in transportation fuel demand because of social distancing restrictions.
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