Filipinos are in for another financial relief as the prices of diesel and gasoline are anticipated to be rolled back by more than P2 and P1 per liter in the next few days.
This is already the 18th rollback for diesel products and 17th for gasoline products this year.
Oil companies are scheduled to adjust their prices either this weekend or up to Tuesday next week.
Prices of crude products continue to decline, last week manifesting in the trading indices of regional markets, mainly the Mean of Platts Singapore which is the reference point for oil pricing in the Philippines.
Dubai crude benchmark for Asian markets also skidded to $66 per barrel last week while West Texas Intermediate for the US market dropped to $53 per barrel and Brent crude was also lower at $61 per barrel.
Domestic pump prices follow the swing of international prices which have been a positive development in the past seven weeks.
With the price cuts now almost lasting two months, the government’s plan to import diesel has been apparently buried into oblivion. (Myrna Velasco)
