FUEL PRICES are set for a big-time rollback starting today.
The Department of Energy (DOE) announced the following permitted price adjustments for November 10 to 16:
* gasoline – rollback of at least P16.80 per liter
* diesel – rollback of at least P4.10 per liter
* kerosene – rollback of at least P3.70 per liter
Last Friday, November 5, DOE Oil Industry Management Bureau director Rino Abad, in an interview with Super Radyo dzBB, projected price reductions for this week. He attributed the rollbacks primarily to developments following the United States midterm elections, which raised the possibility that the opposition party could gain control of Congress.
Abad said the election results appeared to have weakened expectations that the administration of US President Donald Trump would be able to pursue its policies without significant opposition.
There are also expectations of a possible end to the US-Iran conflict, which eased concerns over potential disruptions to global oil supplies.
Meanwhile, on November 3, gasoline prices saw a hike of as much as P3.50 per liter, while diesel and kerosene prices fell by at least P1 and P1.90 per liter, respectively. (Rappler.com / GMA News)
