OIL firms implemented a moderate rollback in fuel prices on Tuesday as tensions eased slightly in the Middle East.
The per-liter price of gasoline dropped by 50 centavos, diesel by 70 centavos, and kerosene by 85 centavos.
The Department of Energy’s Oil Industry Management Bureau and other oil industry sources cited a potential crude supply surplus in early 2025 and a possible slowdown in oil demand growth next year due to vehicle efficiency law upgrades and the slowing economy of China.
So far this year, the price of gasoline has gone up by P8.55 and diesel by P6.05. The price of kerosene, however, has decreased by P3.60.
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