Some oil companies have already announced an extension on the price rollback on petroleum products.
Oil companies have slashed their price at P1.95 per liter on gasoline, P1.90 per liter of diesel, and P1.65 per liter of kerosene.
According to the Department of Energy (DOE), the rollback was done amid protests in major cities in China, the world’s top crude importer, due to the fear of the rising economic disruption.
“But the market is somewhat being ‘balanced’ by the expected supply but by [Organization of the Petroleum Exporting Countries] (OPEC) Plus as they meet early this December, and as the EU sanctions and price cap will be implemented,” Oil Industry Management Bureau of DOE Assistant Director Rodela Romero said.
However, the market is still balanced due to the expected supply cut by OPEC Plus and the implementation of European Union sanctions and price cap. -Report from Naomi Tiburcio/KG – gb
