STORY OF THE DAY


BIG TIME FUEL PRICE ROLL BACK TAKES EFFECT TUESDAY



The rollback on fuel prices anew this week is considerably an early Christmas gift to Filipinos.

The public will continue to gain massive relief as oil companies will impose a price cut of their fuel products this week.

The oil firms will reduce the prices of their fuel products effective 6 in the morning of November 13, Tuesday.

They will lower the price of diesel by ₱2 per liter and gasoline by ₱2.30 per liter, while Petro Gazz will reduce it by ₱2.50 per liter.

Shell, Flying V, Seaoil and Caltex will lower the price of its kerosene by ₱1.85.

The rest of their industry-competitors are anticipated to follow the downtrend in oil prices.

Based on the Department of Energy's latest data, the price of diesel ranges from ₱43.55 to ₱48.79 per liter while gasoline prices range from ₱48.75 to ₱59.07 per liter.

The oil firms are hoping that the finance department will reimpose higher excise taxes in January under the Tax Reform for Acceleration and Inclusion law.

In its monitoring report, the DOE said oil prices continued the downward trend after reports of a strong build-up in US crude stockpiles and increased confidence on the availability of supplies towards the end of the year and into early 2019.

Oil prices also went down due to swelling US inventories and concern that trade wars were restraining economic activity.

Traders cleared Iran's exports will not fall to zero despite US sanctions imposed against Iran.