Bigtime Rollback On Pump Prices Expected Next Week
Oil companies implement a bigtime rollback on pump prices and LPG due to the excessive supply of petroleum products in the global market.
Good news, oil firms implement a bigtime rollback reducing the prices of oil products in the country.
The oil price reduction could be felt by the Filipino motorists starting Tuesday (December 4, 2018).
On Saturday (December 1, 2018), several oil companies including Petron Corp. and ISLA Petroleum & Gas Corporation have already imposed rollback in the prices of Liquefied Petroleum Gas (LPG).
LPG brands such as Gasul and Fiesta have cut off their prices with P6.40 per kilogram reaching up to P70 per 11 kg of a cylinder.
SLA Petroleum reduced the Solane prices by P6.39/kilo while AutoLPG was decreased by P3.50 per kilogram.
The Department of Energy (DOE) said that the oil price rollback was due to the oversupply of oil in the world market.
The prices of gasoline, diesel, and kerosene are expected to decrease by at least P2.00 per liter, according to an oil industry source.
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