Gas, diesel prices seen dipping this week

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

As world prices slide, another rollback seen next week

MANILA, Philippines – With oil prices continuing their decline in the world market, a second rollback locally is possible, emergy officials said Friday.

The Department of Energy monitored global prices sliding steadily from Monday to Thursday, according to Director Zenaida Monsada of the DOE Oil Industry Management Bureau.

Monitoring showed MOPS prices declined by as much as $1 to $2 per barrel as the market remained stable and results of elections in Europe were being awaited.

"We are expecting some rollback next week, though not as big as [what we had] this week," Monsada said.

Some industry sources estimate that the price of gasoline in the market has since declined by an equivalent of 56 centavos per liter since the rollback; and 33 centavos for diesel.

"Definitely next week we will not see any price increase. The rollback may be minimal or there may be products where there won’t be any price movement; but definitely these won’t rise," said Monsada.

source: interaksyon.com