After three consecutive weeks of increases, oil prices will go down effective this morning.
In separate advisories, Chevron, Cleanfuel, Petro Gazz, Petron, Phoenix Petroleum, PTT Philippines, Seaoil, Shell, Total, and Unioil said they will slash gasoline prices by P0.15 per liter, and diesel prices by P0.10 per liter.
Chevron, Petron, Seaoil, and Shell will also decrease prices of kerosene by P0.10 per liter.
According to OilPrice.com, crude oil prices declined by more than 2.5 percent on Friday due to the concerns of lower demand as the coronavirus disease 2019 (Covid-19) cases are rising.
China is the world’s top importer of crude oil.
“The expanding lockdowns in China as Covid infections rise turned the sentiment bearish for the near term, as the market fears global oil demand this quarter could be weaker than anticipated,” OilPrice.com said.
Meanwhile, domestic oil prices gained compared to last year’s pre-Covid level.
Data from the Department of Energy show that, as of Jan.19, gasoline prices had a net increase of P2.30 per liter, diesel by P1.65 per liter, and kerosene by P1.60 per liter from their prices a year ago.
The local stock barometer ended yesterday higher while the peso continued its sideways close against the US dollar as investors stayed at the sidelines partly due to developments in the US and the pandemic.
The Philippine Stock Exchange index (PSEi) rose by 0.36 percent, or 25.67 points, to 7,071.50 points.
All Shares increased by 0.21 percent, or 8.96 points, to 4,250.65 points.
It was a balance among the sectoral gauges, with Financials rising by 1.50 percent, Property by 1.15 percent, and Services by 0.31 percent.
The Mining and Oil index declined by 1.17 percent, Industrial by 0.80 percent, and Holding Firms by 0.16 percent.
Volume totaled 79.86 billion shares, amounting to P9.11 billion.
Losers led gainers at 129 to 92, while 39 shares were unchanged.
“Investors resorted to bargain hunting as they weighed the outlook for US President Joe Biden’s nearly USD2 trillion stimulus bill and grew concerned amid reports that the new coronavirus variant may be deadlier,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.
Meanwhile, the peso kept its footing and finished the day at 48.079 from 48.085 on Friday.
It opened the day flat relative to the previous session at 48.07.
It traded between 48.085 and 48.05, resulting in an average level of 48.067.
Volume totaled USD763.05 million, lower than the previous session’s USD1.09 billion.*PNA