Fuel prices drop anew, a fourth time this month

For the fourth time this month, the oil companies will implement today, Nov. 27, another round of fuel price rollback at P2.30 per liter for diesel and P1.10 per liter for gasoline.

Based on the Department of Energy (DOE) records, oil companies also rolled back fuel prices last Nov. 5 at P1 for gasoline and P.60 for diesel; Nov. 13 at P2.30 for gasoline and P2 for diesel; and Nov. 20 at P1.25 for gasoline and P1.10 for diesel.

Oversupply of crude is the number one factor in the successive decreases of fuel prices in the world market.

This was the statement yesterday, Nov. 26, of Director Saul Gonzales of the Department of Energy (DOE) on the latest rollback of prices of fuel products such as diesel and gasoline.

Gonzales said some members of the Oil Petroleum Exporting Countries (Opec) are continuously producing crude, resulting to oversupply and decrease in price.

“That’s the advantage of a fuel-consuming country like the Philippines,” Gonzales said.

Engineer Rey Maleza, DOE chief of the Energy Industry Management Division, furnished SunStar Cebu the data based on the price adjustment announced by oil companies.

Maleza said that price adjustment depends on the area or retail outlet.

“Please take note that the DOE does not regulate or announce oil prices (because of the Oil Deregulation Law),” Maleza said.

Last week, Maleza said the oil price in the world market was more than $65 dollars per barrel, and is still decreasing.