ANOTHER fuel price cut takes effect on Monday, the third time for the year.
Oil firms announced separately the following price rollbacks, effective January 19: P1.25 per liter for gasoline; P1.45 per liter for diesel; and P1.25 per liter for kerosene.
The price reduction happens exactly a week after a P1.70 per liter cut in gasoline, P1.60 per liter in kerosene, and a P1.50 per liter in diesel were implemented.
The first fuel-price rollback for the year took effect on January 5.
The movement reflects what has been happening in the international oil market.
“These reflects the continued softening in the prices of petroleum products in the world market,” the oil firms said.
World oil prices picked off from last year’s downward spiral. Analysts attributed the drop, which saw oil prices to a five-year low, to growing supply in the US, weak global demand, and Middle East nations’ move not to cut production.
Global oil prices have been falling due to the Organization of Petroleum Exporting Countries’ decision to maintain current production levels despite a glut in the market with an estimated oversupply of 1.5 million to 2 million barrels daily.
