MANILA, Philippines - Hefty rollbacks in the prices of gasoline and diesel---as much as P1.75-P2.00 a liter for gas---may be expected this week, the Department of Energy said Monday.
Slowing demand in other countries accounts for the expected decline in local market prices, said Director Zenaida Monsada of the DOE.Per estimates of sources in the oil industry, the market could expect gasoline prices to decline by P1.75-P2.00/L and for diesel, by P0.75-1.00/L.
It will be the 12th such rollback this year.
The Department of Energy explained that demand was substantially reduced in the United States and Europe, both going through a rough economic patch.
Despite the impending cutback in local oil prices, the DOE advised the public to continue practicing energy conservation measures, saying world prices remain volatile.
"These levels we are seeing these days are way below the ideal levels of producing countries, so we don't know if at this point they will start applying a correction," said Monsada.
source: interaksyon.com
