Oil Firms Announce ‘Modest’ Price Rollback Effective Dec. 18

Local oil firms announced another rollback in pump prices effective Dec. 18, Tuesday.

The more modest oil price rollback will range from PHP0.25 to PHP0.35 per liter for diesel, between PHP0.10 and PHP0.15 per liter for unleaded gasoline and PHP0.25 per liter for kerosene.

Prices of diesel and kerosene have been steadily falling for 10 straight weeks now.

Meantime, gasoline prices went up slightly last week after oil-producing countries announced their plans to reduce output to arrest the slump in oil prices.

As of writing, global benchmark Brent crude has settled at USD60.32 per barrel.

Data from the Department of Energy showed that as of Dec.12, common price of gasoline is at PHP47.55 per liter, PHP38.15 per liter for diesel, and PHP47.82 per liter for kerosene. (PNA)