Oil companies may implement another set of price cuts on petroleum products next week.
According to industry sources, there’s a possibility for slashed price of P1.00 to P1.20 per liter of gasoline, P1.70 to P1.90 per liter on diesel, and more than P1.50 per liter of kerosene.
The stated price reduction is an estimate based on four trading days and is subject to change on Saturday.
“This is attributed to the fear of the economic crisis happening in US and europe, as influenced by the weakening of the financial market,” Oil Industry Management Bureau Assistant Director Rodela Romero said.
“Volatility in oil prices is seen in the next few weeks with the lingering factors that would push it to go down or go up,” he added. –KC/Report form Naomi Tiburcio-ag
