AFTER the “big time” price hike in oil products last week, motorists are seen to shell out less this week, according to the Department of Energy.
Pump prices are estimated to reflect the following cuts on Tuesday, November 19:
* Diesel – P0.70/L to P0.90/L (decrease)
* Gasoline – P0.80/L to P1.00/L (decrease)
* Kerosene – P0.70/L to P0.90/L (decrease)
Though the tension in the Middle East continues to affect oil prices, experts said the weaker demand has influenced the change on petroleum products’ costs for this week.
Jetti Petroleum president Leo Bellas also stated that both China and the United States saw a decrease in demand for fuel products.
“Malaki po ‘yung concern sa weakness ng demand, particularly po dito sa ating region malaki po ‘yung nakitang possible weakness ng China. Even sa US po nakikita po ang sluggish demand, ‘yun po ang naging driver,” he told ABS-CBN News.
Last Tuesday, November 12, gasoline, diesel and kerosene prices increased by P1.50, P2.10 and P1.20 per liter, respectively. (ABS-CBN News)
