It is a Merry Christmas indeed for motorists as fuel prices get another set of rollbacks. Petroleum players have decided to conduct another set of fuel price rollbacks starting tomorrow December 21, 2014. Gasoline drops by Php1.10 and Diesel by Php1.35. This is the fourth rollback this month following three consecutive rollbacks done in November as well.
The downtrend of fuel prices started in late September amidst tumbling crude oil prices. Local petroleum prices have decreased by over 10 Pesos during the twelve week period. Gasoline has dropped by a total of Php10.45, while diesel prices declined by Php10.65.
The series of rollbacks have reflected world crude prices which have slid below $60 a barrel brought about by an oversupply of oil in the world market. The Organization of Petroleum Exporting Countries (OPEC) also expressed its resistance to decrease production. The OPEC is responsible for 40% of the world’s oil supply. Saudi Oil Minister Ali Al-Naimi was quoted by the Saudi Press Agency saying "It would be 'difficult, if not impossible' for Saudi Arabia or OPEC to give up market share by curbing production."