By Juzel L. Danganan
MANILA, Aug. 21 (PNA) – Oil firms are likely to implement another round of rollbacks next week, said one of the industry players Friday.
”It’s rollback again. 70 centavos (per liter) for gasoline and 25 centavos (per liter) for diesel,” Eastern Petroleum chairman and chief executive officer (CEO) Fernando Martinez told PNA in a text message Friday.
According to the Department of Energy’s (DOE’s) oil price monitor, the current prices of oil firms for diesel are Php 23.85-27.20 per liter in Metro Manila. It has a common price of Php 25.05 per liter.
Gasoline, on the other hand, was sold from Php 37.95 per liter to Php 44.25 per liter. It has a common price of Php 42.75.
The DOE data also show that diesel prices went down by Php 3.49 while gasoline had a net increase of Php 1.46 per liter during the year.
The international markets still has not recovered from the global oil glut, which was caused by the entry of shale oil in 2013 that further peaked in 2014.
This week, U.S. oil prices continued to slide as lower demand was expected from second largest oil consumer China.
American benchmark West Texas Intermediate (WTI) has already plunged below USD 41 per barrel. (PNA)