Gasoline, diesel get big rollbacks on November 10
Motorists will get some relief after months of expensive fuel, as global oil prices fall on hopes of easing Middle East tensions
Motorists will get some relief after months of expensive fuel, as global oil prices fall on hopes of easing Middle East tensions
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Intensifying hostilities between Yemen and Saudi Arabia further disrupt oil supplies and heighten the risk of a wider regional conflict, eight months since the Iran war began
It’s the second week of increases for gasoline, though diesel prices are set to fall for a third consecutive week
This is now the second straight large price increase, as the government considers suspending excise taxes on LPG and kerosene again
‘Let’s brace ourselves for possible increases pa rin,’ Energy Secretary Sharon Garin says as the Department of Energy certifies that Dubai crude price averaged $99.41 per barrel from August 13 to September 11
The mixed adjustment comes after price cuts last week, while China’s suspension of refined fuel exports threatens to tighten Asian supply further
The rebound follows a recovery in exports via the Strait of Hormuz, which are set to hit about 7.4 million bpd this month, as Saudi Arabia diverts oil exports from the Red Sea port of Yanbu following attacks that damaged its East-West pipeline
The price cuts are welcome news for motorists, alongside the renewed suspension of excise taxes on LPG and kerosene