Second straight week of oil price rollback after tumble in world crude prices
Gas pumps at a fuel station in Quezon City (Contributed photo by NEU students for Eagle News Service
(Eagle News) – Another oil price rollback is set on Tuesday, September 13, with gasoline prices going down by 45 centavos per liter, and diesel prices being slashed by P1.45 per liter.
This is the second straight week of price rollback for petroleum products. Last week, the slash in prices was bigger. Gasoline prices were reduced by P2.60 per liter, while diesel prices were cut by P1.55 per liter last Tuesday, Sept. 6.
Kerosene prices will also be reduced by P1.70 per liter tomorrow, Tuesday, Sept. 13.
Various oil companies have already announced the price rollback that would take effect Tuesday, in their Facebook pages.
-World oil prices tumble-
World oil prices tumbled last week due to recession worries.
On Wednesday, Sept. 7, US benchmark West Texas Intermediate slid 5.7 percent to end at $81.94, its lowest closing price since January. Brent North Sea crude was also by 5.2 percent at $88.00 per barrel.
“The oil market is a blood bath as the crude demand outlook took a major hit after Chinese and US trade data showed global demand is sharply weakening,” said Oanda’s Edward Moya.
“It appears the risk of losing Russian energy supplies is no longer keeping oil prices supported and that has energy traders solely fixated on the demand side drivers.”
(Eagle News Service with a report from Agence France Presse)