• CHERYL G. CRUZ
The pump prices of petroleum products will decrease ahead of Christmas Day following oversupply forecast.
Oil companies said that gasoline will roll back by about P0.70 to P1 per liter, diesel by P1.30 to P1.50/L, and kerosene by P1.50 to P1.70/L.
Final adjustments will be known today, Dec. 22, with the price movement to take effect tomorrow.
This is the first time that the pump cost of gasoline will decrease this month, and the second straight week for diesel and kerosene.
Jetti Petroleum president Leo Bellas had said in a recent Philippine News Agency report that “oversupply concerns caused oil prices to decline as the prospect of Russia-Ukraine ceasefire could lead to eventual restoration of disrupted Russian supply flows.”
Tight supply issues are easing as refineries return from turnaround following maintenance, Bellas said in an advisory, and noted “increased exports from China as refineries are set to boost refinery runs following the renewal of crude import quota and expectations of weaker global gasoline demand through the winter season”. | CGC
