• CHERYL G. CRUZ
The pump prices of petroleum products are seen to decrease, effective tomorrow, Nov. 10, with the per-liter price of gasoline expected to roll back by around P13.
Oil companies announced over the weekend that prices of diesel could also decrease by P4 to P5/L, and kerosene by P5 to P5.80/L.
This will be the second straight week of price rollbacks for diesel and kerosene, and the first for gasoline, with the exact adjustments to be known today, Nov. 9.
“Oil weakened as diplomatic efforts to end the US-Iran conflict eased renewed escalation concerns in the Middle East, despite lingering supply disruption worries as attacks on shipping in the Strait of Hormuz and Saudi energy infrastructure continue,” Leo Bellas, Jetti Petroleum president, was quoted as saying in a Philippine News Agency report Nov. 6, adding that “perception of a lower chance of escalation following sweeping victories by the Democratic Party in the recent U.S. midterm elections also pressured prices.”
He had said the decline is also “due to lower crude prices, and expectations of higher supply availability, following South Korea’s easing of diesel restrictions and the additional Chinese export quota.” | CGC
