(Eagle News Service) — Fuel price cuts were again implemented on Monday, January 19, 2015, which is the third time that price rollbacks occurred this year.
The following price rollbacks were effective January 19: P1.25 per liter for gasoline; P1.45 per liter for diesel; and P1.25 per liter for kerosene.
This fuel price cut happened a week after a P1.70 per liter cut in gasoline, P1.60 per liter in kerosene, and a P1.50 per liter in diesel were implemented.
The first fuel-price rollback for the year took effect on January 5.
The successive oil price reductions reflected the continuing lowering of prices of petroleum products in the world market.
Last year saw oil prices having a downward spiral with oil prices reaching a five-year low. Analysts attributed the drop in prices to growing supply in the US, weak global demand, and Middle East nations’ move not to cut production.
Global oil prices have been falling due to the Organization of Petroleum Exporting Countries’ decision to maintain current production levels despite a glut in the market with an estimated oversupply of 1.5 million to 2 million barrels daily.
