By Kris Crismundo/PNA
MANILA — Local oil companies are all set to implement another big-time rollback in pump prices early this week.
Several oil firms announced rollbacks of PHP2.30 per liter on diesel and PHP1.10 per liter on unleaded gasoline effective 6 a.m. Tuesday, although some companies beat them to the punch by rolling back on Monday.
This will be the seventh consecutive week that oil firms will be cutting prices of liquid fuels.
According to the Department of Energy (DOE), United States-Energy Information Administration (EIA) data of crude inventories grew further during the last eight weeks.
US gasoline stocks remained sufficient and Asian gasoil remained stable on medium demand and ample supply.
On the other hand, International Energy Agency (IEA) said oil-producing countries are increasing their output, with stock-building of 0.7 million barrels per day in the fourth quarter of the year.
“Already, OECD (Organization for Economic Co-operation and Development) stocks have increased for four months in a row, with products back above the five-year average. In first half of 2019, based on our outlook for non-OPEC (Organization of the Petroleum Exporting Countries) production and global demand, and assuming flat OPEC production,” the IEA noted.
It was explained that the sufficiency of petroleum products available in the international market has relieved price pressures, causing prices to fall just as quickly as they spiked.
