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Oil price rollback again

December 9, 2022 Edd Reyes 296 views

MOTORISTS can expect another big-time pump price roll back in the coming week, marking local oil companies its fourth straight week of price cuts of fuel products.

Energy sources said there is a strong indication that price per liter of diesel will probably be rolled back by P3.00 to P3.30 per liter, gasoline by P1.40 to P1.70 per liter and kerosene by P1.00 to P1.50 per liter.

According to the Department of Energy (DOE) the decision of the Organization of the Petroleum Exporting Countries (OPEC) to freeze its oil output cuts resulted in the continuing downtrend of domestic fuel prices.

Major and independent oil companies usually announce their uniformed price adjustments every Monday, to be implemented on the following day.