Big-time oil price rollback set todayJune 10, 2019 By: Edd Royes People's JoumalMORE oil firms announced their third consecutive price cuta for diesel and gasoline effective today due to thesignificant downtrend in global ol prices.PTT Philippines, Unioil Philippines, Total Philippines, Potro Gazz and Eastem Petroleum said they will rolback by P2.45 per literpremium and unleaded gasoline prices and P2.70 on diesel starting 6 a.m.Oi giants Pilipinas Shell, Petron Corporation and Chevron Philippines said they will also implement today the same priceadjustments on their gasoline and diesel products while a cut of P2.60 per liter for kerosene.Phoenix Petroleum implemented last Saturday a P2.60 price cut for gasoline and P2.70 on diesel to provide motorists a longerperiod to buy cheaper fuels while Seaoil Philippnes slashed its gasoline price by P2.45 per liter and P2.70 on diesel effective 12midnight yesterday.Before the latest rolibacks, according to the Department of Energy (DoE). the fuel prices have been ranging from P45.90 toP60.26 per liter for ganoline: P40.05 to P48.34 per liter, and P44.85 to P54.65 per liter tor kerosene."Concerns over the trade dispute between the United States and China may lead to an economic slowdown and reduced fuelconsumption outweigh supply concerns, the DoE stated in a monitoring report.From the givennews article, if theaverage price of gasoline is P60.26liter and there will be a P2.45 rollback,this represents% changeinprice. Round off your answer to twodecimals. No need to input the % sign.

Percentage change measures the change in value divided by the absolute value of the initial value.

From the given news article, if the average price of gasoline is P60.26 iter and there will be a P2.45 rollback, his represents _% change in orice. Round off your answer to two decimals. No need to input the % sign.

From the given news article, if the average price of gasoline is P60.26 iter and there will be a P2.45 rollback, his represents _% change in orice. Round off your answer to two decimals. No need to input the % sign.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter2: Fundamental Economic Concepts

Section: Chapter Questions

Problem 2E

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