Bigtime oil price rollback seen next week

Transcript

00:00 Good news for motorists. A big-time rollback is expected for all petroleum products next week.

00:05 Based on oil industry sources, diesel prices may drop to 2 pesos and 40 centavos to 2 pesos and 70 centavos per liter,

00:13 while the cost per liter of kerosene may decrease by up to 1 peso and 85 centavos.

00:19 Gasoline prices may be slashed by 60 to 80 centavos per liter.

00:24 According to the Department of Energy Oil Industry Management Bureau, the expected oil price rollback is due to demand destruction worries,

00:32 with falling demand of the US and China's weak exports.