Motorists will get a welcome holiday breather as fuel prices are set to roll back this week, easing costs just as Christmas travel peaks.
In an announcement Monday, Petron Corp. and Seaoil Philippines said starting 6 a.m. today, pump prices would be cut by P0.80 per liter for gasoline, P1.30 for diesel and P1.60 for kerosene.
The rollback comes ahead of the Christmas rush, offering some relief to drivers and households as year-end trips and spending pick up.
Last week, Jetti Petroleum president Leo Bellas said global oil prices had softened on oversupply concerns, with markets factoring in the possibility of a Russia-Ukraine ceasefire that could eventually restore disrupted Russian oil flows.
Bellas said refined fuel prices were further weighed down as refineries returned from maintenance turnarounds, easing tight supply conditions.
He likewise cited expectations of higher exports from China, following renewed crude import quotas and weaker global gasoline demand during the winter season as key drivers of the anticipated price decline. (Emmanuel John B. Abris © Philippine Daily Inquirer)
