Oil companies have announced a slash on their petroleum products in the coming week.
Based on the four-day trading activity, fuel industry sources forecast a rollback of P1.20 to P1.44 per liter of gasoline, P1.00 to P1.20 per liter of diesel, and P1.00 to P1.10 per liter of kerosene.
Oil Industry Management Bureau Assistant Director Rodela Romero said the oil price drop can be attributed to economic slowdown, stronger dollar, and outlook for global demand.
“Oil dropped as deepening concerns of an economic slowdown and a stronger dollar outweighed hopes of higher Chinese demand,” Romero said.
“Oil kept falling in Asia as the outlook for global demand remained in question and Asian fuel markets flashed warning signs on shrinking refining margin and investors await the release of oil inventory data by US EIA for further guidance,” she added. CF/PTV News – gb
