Pump prices rolled back this weekIt will be another week of relief for Filipino motorists as pump prices are rolled back once again, owing it to downtrend in global oil prices. As the Philippines is an import-heavy dependent market, pump price adjustments generally trail global price trends. In the international market, the strengthening of the US dollar is closely being monitored and how it will have its long-term impact on world oil prices. While it had been a generally ‘volatile week’ for global prices in recent days of trading, last week’s ending had been price softening, hence, the reductions now being reflected at the pumps. Major oil player Pilipinas Shell Petroleum Corporation had been the first one to announce its price reductions effective 6:00m on Tuesday (August 9).

Source: Manila Bulletin August 08, 2016 04:07 UTC