Oil price rollback expected this week

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OIL companies are set to implement another round of price rollbacks this week.

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According to industry sources, the oil firms may lower diesel prices by 50 to 60 centavos per liter.

They are also set to reduce gasoline prices by 60 to 75 centavos per liter and kerosene by 70 to 80 centavos per liter.

Oil companies usually make the formal announcement about the price adjustments every Monday, with the changes taking effect Monday evening or the following day.

The expected price adjustments are primarily driven by movement in world crude prices.

Analysts earlier expected the oil market to remain bearish, which could really hurt demand and world oil prices.

Last week, the oil companies also lowered diesel prices by 30 centavos per liter, gasoline prices by 40 centavos per liter and kerosene by 45 centavos per liter.

RITCHIE A. HORARIO

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