Oil companies announced a big time price cut on petroleum products on Tuesday, Nov. 29.
Based on the estimate of fuel industry sources, there will be a rollback of P3.70 to P3.90 per liter of diesel, while P1.10 to P1.30 per liter of gasoline, and P2.20 to P2.40 per liter of kerosene.
In the Laging Handa press briefing, the Department of Energy (DOE) explained the move on oil prices was due to the weak demand caused by the high COVID-19 cases in China, increased US [United States] inventories, and the price cap on crude oil from Russia.
“Kung magtutuloy sa Friday and magandang trading yung link cap na binigay sa Russian crude, nagbigay sila ng price cap ng Russian crude kaya magkakaroon ng rollback next week,” OIMB-DOE Assistant Director Rodela Romero said. –Report from Naomi Tiburcio/KC – gb
