Oil prices to go down third week of December - DOE

MANILA, December 13 ------ Gasoline prices will go down in the third week of December, the Department of Energy said.

Based on the four-day trade monitoring of the Means of Platts Singapore, DOE Oil Industry Management Bureau Assistant Director Rodela Romero said the following decreases could be expected next week, excluding the cost of businesses.

Gasoline – P0.30 per liter

Diesel – P0.60 per liter

Kerosene – P0.65 per liter

Romero explained this came after oil investors shifted their focus back to the Russia-Ukraine peace deal, which recent reports said could be reaching its final stage. “Sabi nga nila, yung mga investor, nag-shift sila ng focus sa Russia Ukraine peace talk. Ibig sabihin, nabuhay na naman itong negotiation na ito between Russia and Ukraine,” said Romero.

Iraq, one of the major global oil producers, also restored its oil production from an oil leak, which Romero said accounted for 0.5 percent of world oil supplies.

Source: news.abs-cbn.com