Oil prices go down
MANILA, Philippines — Local petroleum firms are rolling back pump prices for the third straight week.
Phoenix Petroleum Philippines led the price cuts with a reduction of P0.50 per liter on gasoline and P0.10 per liter of diesel starting yesterday morning.
Cleanfuel said it would have the same adjustment starting 4:01 p.m. today.
During last week’s trading, global oil prices sank to its lowest in nearly a month on Tuesday due to concerns over a weakening global economy which could dampen demand, Reuters reported.
Crude prices recovered a bit but gave up gains again on Thursday on higher US crude stockpiles.
Last week, local oil firms rolled back gasoline and diesel prices by P0.10 per liter and kerosene prices by P0.15 per liter.
The latest Department of Energy (DOE) data showed that the year-to-date adjustments stand at a net increase of P4.66 per liter for gasoline, P3.27 per liter for diesel and P1.26 per liter for kerosene.
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