Big time oil price rollback expected this week

 

Oil companies are expected to implement a big time rollback this week due to increased supply of oil from oil exporting countries.

Industry players said, prices of gasoline will go down by over P1.00 per liter while prices of diesel will be slashed by P0.90 per liter and almost P1.00 for kerosene.

Last Friday, member countries of the Organization of Petroleum Exporting Countries (OPEC) agreed to add 1 million barrels more to their daily oil production.  Oil exporting companies produce 21 million barrels per day worldwide.

“The group is considering on the overall rather than individually, and I think this is quite an achievement. You don’t see this usually in an organization that everyone is looking at his own interests. I think the fact that collectively this group have reached this conclusion is a testimony that OPEC is caring about the market stability,” said Suhail Mohamed Al Mazrouei, president of the OPEC conference.

In 2016 OPEC member countries reduced their daily production by 1.2 million barrels to balance the market.

However, due to the limited production of several members such as Libya and Venezuela, they failed to reach the target which resulted in the increase on prices of petroleum products.

Meanwhile, consumer groups continue to call for the investigation of alleged connivance in the pricing of petroleum in the country.

The Philippine Competition Commission is still considering whether or not to launch a probe in relation to the consumer groups’ request.

In July, public jeepney drivers will begin receiving fuel vouchers worth P5,000 each. — Mon Jocson

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