Oil firms will implement price rollback on petroleum products starting today.
In separate advisories, Caltex, Cleanfuel, Petro Gazz, Seaoil, and Shell said they will reduce gasoline prices by P1.10 per liter and P0.60 per liter on diesel products.
Caltex, Seaoil, and Shell will also cut kerosene prices by P0.50 per liter.
This will be the fourth week that industry players slash gasoline prices, and the fifth week of rollback for diesel and kerosene products.
The price rollback reflects movement in the global market, which experienced its worst day of trading for this year last Friday as US oil fell 13 percent.
Renewed concerns on demand were driven by the new coronavirus disease 2019 (Covid-19) variant, Omicron, leading some countries to close their borders again.
Mean of Platts Singapore (MOPS) gasoline decreased by USD3.60 per barrel while diesel declined by USD3.75 per barrel during the trading days on November 15 to 19.
“Crude oil prices came under pressure on rising coronavirus cases amid easing supply tightness. Rising coronavirus cases in Europe, that is prompting some of the countries to reintroduce lockdowns, and China zero-Covid policy amidst rising cases in the country have raised some concerns on the demand outlook. Mobility indicators for major oil consumer(s) declined in (the) first week of November,” the oil monitor of the Department of Energy said.
Meanwhile, with the price adjustments last week, year-to-date prices of gasoline stood at a net increase of P19.20 per liter for gasoline, P16.30 per liter for diesel, and P13.69 per liter for kerosene.*PNA