TODAY'S BUSINESS HEADLINES

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24-May-13, 9:46 AM | Darwin G. Amojelar, InterAksyon.com

Fuel prices seen to go down next week

By: Michelle Orosa-Ople, TV5
September 21, 2012 2:17 PM

InterAksyon.com means BUSINESS

MANILA – Motorists can expect a rollback in fuel prices next week, oil industry sources said on Friday.

Citing the Mean of Platts Singapore prices, the oil sector sources said prices since Monday have fallen by P0.65-0.80 a liter for unleaded gasoline; P0.35-0.50 for diesel; P0.75-0.90 for kerosene; and P1.25-1.50 for regular gasoline.

Zenaida Monsada, director of the Department of Energy-Oil Industry Management Bureau confirmed that prices were going down, adding that the trend is unlikely to shift in the market today.

"Mukhang oversupplied kasi ang market. Ang Saudi Arabia nagsabi na hindi nito kailangang magbabawas ng produksyon, tapos hindi pa ganoon kaganda ang prospects for economic growth sa ibang bansa," Monsada said.

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