Expect slight oil price reduction
LOCAL oil firms are expected to implement a meager price reduction of petroleum products next week.
Oil industry sources said oil companies would likely to slash the price of gasoline products by between P0.50 to P0.80 per liter, diesel between P0.20 to P0.50 and kerosene by P 0.20 to P0. 45 per liter.
In a radio interview, Department of Energy-Oil Industry Management Bureau (DOE-OIMB) Assistant Director Rodela Romero said the rough calculation might change depending on the international oil trading on Friday.
The price reduction of local pump prices was due to the expected oil supply from non-members of Organization of the Petroleum Exporting Countries (OPEC) and the fluctuating demand for oil in some powerful countries.
