Motorists will gain financial relief at the pumps this week as the price of gasoline and diesel products will be on rollback by P0.70 per liter, based on the pricing adjustment advisories of the oil companies. ManilaBulletin READ:
For kerosene products, the industry players similarly announced price cuts of P0.85 per liter and that had been anchored on the movement of prices in the world market.
Prior to this round of adjustment, domestic petroleum prices since the start of the year logged net decrease of P3.00 per liter for diesel and P5.15 per liter for kerosene; while gasoline prices had a net increase of P6.55 per liter. Prices in the world market had been on downtrend last week, on lack on factors that could lift market sentiments versus portended global economic growth slowdown.
As of Monday , spot trading prices for international benchmark Brent crude had been hovering at $75 per barrel scale, barely moving from its level last week.
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