Fuel price cut set May 6

PTVPhilippines

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Transcript

00:00After two straight weeks of price hikes, oil companies are rolling back prices.

00:0555 centavos per liter off gasoline, 85 centavos off diesel, and a 90 centavo drop for kerosene.

00:14The price cuts kick in at 6 o'clock a.m. tomorrow,

00:17though some gas stations may apply the changes a bit later around 8 o'clock a.m.

00:23The Department of Energy, or DOE, says this rollback is mainly due to a global oil oversupply

00:28and the lingering effects of U.S. tariffs,

00:31which are putting pressure on global economic growth and slowing down fuel demand.

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