The oil firms cut pump prices by P0.50 per liter for gasoline, P0.70 per liter for diesel and P0.85 per liter for kerosene effective 6am Tuesday due
The oil firms cut pump prices by P0.50 per liter for gasoline, P0.70 per liter for diesel and P0.85 per liter for kerosene effective 6am Tuesday due to de-escalating tensions in the Middle East and potential crude supply surplus early next year.
Department of Energy director for the oil industry management bureau Rodela Romero said last week several factors moved oil prices downward including the anticipated slowdown in oil demand growth in 2025 due to vehicle efficiency upgrades and China’s slowing economy.
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