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Love and rollbacks in the air: Oil prices drop on Valentine's week

Business

Love and rollbacks in the air: Oil prices drop on Valentine's week

By Gabriell Christel Galang

Oil prices will have a rollback this week, giving motorists a little more love and a little less money to spend at the pump.

Effective Tuesday, Feb. 11, gasoline and diesel prices will have a P0.10 discount, while kerosene will reduce prices by P0.30.

Shell Pilipinas, Seaoil, CleanFuel, Caltex, and other oil companies have announced these adjustments.

Last week, gasoline prices averaged P59.55 to P70.97 per liter, while diesel costs between P59.80 and P61.40 per liter.

Kerosene, on the other hand, was at P73.87 per liter.

Analysts earlier predicted that the demand from the United States has eased due to higher oil and gas storage; however, there are still concerns surrounding the potential tariffs to be imposed on Canada, Mexico, and China.

The rollbacks, while bringing slight reprieve to motorists, remain marginal. These are driven by potential price increases caused by a spike in Asia’s demand for oil, specifically from China and India.

Additionally, Iran and Nigeria had lowered their production, causing a lower OPEC output.

Related Tags

Diesel Kerosene prices fuel prices Gasoline prices

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