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Oil companies to drop fuel prices on November 13

Amid oversupply of crude oil in global market

FYI: November 13 would be a better time to buy your fuel. PHOTO FROM PIXABAY

Fuel prices are going to drop tomorrow, November 13. No, the excise tax for oil hasn’t been suspended (that’s not happening until maybe middle of next year). Apparently, there’s an ongoing oversupply of crude oil in the global market. From United Press International:

Crude oil prices were lower Friday morning [November 9] amid widespread concern that the market may be oversupplied, with yet another session where the impact of waivers announced Monday lingered. As of 10:18am EST, WTI [West Texas Intermediate] front-month crude prices traded at $59.71 per barrel, or a 1.6% decline, while Brent front-month crude oil futures traded at $69.63 per barrel, or down 1.4%.

And so, our local petroleum companies have announced a rollback in fuel prices starting tomorrow. Here are the oil firms that have made known their intent to do so:

CALTEX

  • Petrol – ₱2.30/L
  • Diesel – ₱2.00/L

FLYING V

  • Petrol – ₱2.30/L
  • Diesel – ₱2.00/L

METRO OIL

  • Petrol – ₱2.50/L
  • Diesel – ₱2.00/L

PETRON

  • Petrol – ₱2.30/L
  • Diesel – ₱2.00/L

PHOENIX

  • Petrol – ₱2.50/L
  • Diesel – ₱2.00/L

PTT

  • Petrol – ₱2.30/L
  • Diesel – ₱2.00/L

SEAOIL

  • Petrol – ₱2.30/L
  • Diesel – ₱2.00/L

SHELL

  • Petrol – ₱2.30/L
  • Diesel – ₱2.00/L

TOTAL

  • Petrol – ₱2.30/L
  • Diesel – ₱2.00/L

So, if you’re thinking of having your car’s fuel tank refilled now, we suggest you hold off until tomorrow. Unless, of course, you’re already at risk of stalling.



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