Consumers’ pockets can finally gain substantial relief next week, as petroleum products at the pumps will be on massive rollback, according to the oil companies.
Based on the industry’s calculations as anchored on the Mean of Platts Singapore , diesel prices will be reduced by as much as P6.20 to P6.40 per liter; while kerosene prices will go down by P6.00 to P6.20 per liter.
Last week, the local currency already touched at P56.06 against the greenback. By far, the falling value of the peso will impact adversely on the country’s inherent option of oil importation to meet Filipino consumers’ fuel needs. The Dubai crude, which is the pricing reference applied by Asian oil markets, likewise plummeted to $102 per barrel as of Friday trading from a higher base of $107 to $108 per barrel the week before.
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