As world oil prices continued its downtrend; falling below US$28 to a barrel, local oil companies have implemented another price rollback today, January 19, 2016.
Price for Gasoline has gone down by PhP 1.00 per liter while Diesel gets a reduction of PhP 1.45 per liter. Kerosene prices have also been cut by PhP 1.25 per liter.
The following oil companies are implementing the said fuel price rollback:
Pilipinas Shell Corporation, Petron Corporation, Sea Oil, Flying V, Total and PTT.
On the other hand, Eastern Petroleum lowered gasoline prices by PhP 1.10 per liter.
According to the Department of Energy, retail price for diesel ranges between PhP 19.28 to 23.10 per liter while gasoline ranges from PhP 33.30 to 40.65 per liter.
The United States and European Union's decision to end the economic sanctions against Iran has significantly pushed down world oil prices. Iran has one of the largest deposits of oil in the world. China's economic slowdown is also seen as a factor in the downtrend of oil as well.
Analysts predict oil to continue its downtrend. Expect even lower fuel prices in the coming months.