The country’s oil firms implemented a big-time rollback effective Tuesday, greater than forecasts predicted last week, to reflect the movement of prices in the world oil market. READ:
The oil firms cut the price of kerosene by P4.40 per liter, diesel by P3.40 per liter, and gasoline by P1.70 per liter.
Last week, the Department of Energy said oil firms were expected to cut kerosene prices by P3.80 to P4 per liter, diesel by P3 to P3.30 per liter, and gasoline by P1 to P1.30 per liter. According to the DOE, oil prices came under increased pressure due to concerns over Chinese demand with the continued climb in the country’s COVID-19 cases.On December 6, the country’s oil firms cut pump prices by P1.95 per liter for gasoline, P1.90 per liter for diesel, and P1.65 per liter for kerosene.
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