Oil Prices Fall for the 6th Straight Week

Local oil firms will once more rollback pump prices Tuesday (Nov. 20), the 6th week in a row, due largely to the steady decline of world crude prices.

They announced price reductions of PHP1.25 per liter on unleaded gasoline, PHP1.10 per liter on diesel, and PHP0.80 per liter on kerosene.

Industry spokespersons explained that the consumer-favorable trend in the world market today is reflected in the gradual decline of the various oil indices.

Oil monitoring of the Department of Energy (DOE) noted that Dubai crude declined by almost USD4 per barrel week-on-week as of November 14.

“Ample supply continued to weigh on the Asian gasoline market. The market is weak and will likely remain so for the rest of the year due to excess supply in the market,” DOE mentioned.

“Gasoline prices continued its retreat, and looked set to fall further, dragged lower by a falling crude complex and pressured under the weight of the gasoline supply overhang,” it added. (PNA)