Another big rollback in fuel prices awaits motorists
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Another reprieve awaits motorists as oil companies implement another hefty fuel price rollback on Tuesday. In separate advisories, oil companies announced a decrease of 85 centavos per liter for gasoline. Reductions in diesel and kerosene prices were larger at P3.95 per liter and P2.65 per liter, respectively. This is the second straight week that pump prices have dropped. Last week, gasoline declined by 40 centavos per liter, diesel by P2.15 per liter and kerosene by P2.10 per liter. Rodela Romero, assistant director of the Department of Energy’s Oil Industry Management Bureau, on Friday said the decrease in fuel prices might be due to the tightening of restrictions in China due to rising number of COVID-19 cases, the increase in the US crude inventory and the planned price cap on Russia’s crude.
