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Oil prices drop this week

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fuel prices
A gas station attendant leans in to view the pump meter as he fills a customer's car with gas. -- BW FILE PHOTO

Oil prices drop this week

OIL COMPANIES are cutting the prices of petroleum products this week after more than a month of increases. Gasoline will be down by P0.50 per liter (/L), diesel by P0.40/L and kerosene by P0.85/L. Seaoil Philippines, Inc. will be among the first to cut prices at 12:01 a.m. on Tuesday, Oct. 10. Most of the companies that sent their advisories will be adjusting prices at 6:00 a.m. on the same day. The Department of Energy (DoE) said that among the reasons for this week’s price cut is the rise in US drilling and higher output from the Organization of the Petroleum Exporting Countries. US drillers added six oil rigs, bringing their total count to 750. The DoE also noted a rise in global oil supply and the “balance” in Asian gasoline market fundamentals. “Oil prices declined on Friday as Nymex went below $50 level, as the US dollar rose amid concerns of an over supply,” it said. — Victor V. Saulon





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