Oil price rollback set May 13
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NewsTranscript
00:00Motorists can now look forward to another round of fuel price rollbacks this Tuesday,
00:04right after the local and national midterm elections.
00:07According to the Department of Energy, petrol prices are expected to dip by 30 to 75 centavos per liter,
00:13while diesel could see a more noticeable drop in cost between one peso and one peso and 35 centavos per liter.
00:20Kerosene is also set for a slash of one peso and 30 centavos to one peso and 45 centavos per liter.
00:27The anticipated rollback comes as OPEC plus nations ramp up oil production, raising the global supply.
00:34In the meantime, ongoing trade talks between the United States and China are keeping the markets on tender hooks,
00:40adding further pressure on prices.
00:42Official price adjustments will be announced on Election Day and are due to take effect on Tuesday, May 13.