Oil companies are set to reduce prices of gasoline and kerosene starting today.
In separate advisories, Caltex, Petro Gazz, Cleanfuel, Seaoil, and Shell will roll back gasoline prices by P0.90 per liter.
Caltex, Seaoil, and Shell will likewise decrease prices of kerosene by P0.10 per liter.
With the price movement this week, gasoline prices have been down for two straight weeks and three consecutive weeks for kerosene products.
According to oil industry experts, global oil prices are now under pressure with the higher supply and weaker demand.
“Dubai crude has decreased week-on-week by almost USD1.60 per barrel. MOPS (Mean of Platts Singapore) gasoline and MOPS diesel have also decreased by around USD3 per barrel and nearly USD1.60 per barrel, respectively,” Department of Energy’s (DOE) oil monitor bulletin said.
The DOE said higher crude supply is coming from the inventory build-up in the United States and Iran, while the Organization of Petroleum Exporting Countries and its allies (OPEC+) is maintaining its output of 400,000 barrels per day increase.
“Weaker economic data from China and Beijing’s announcement to release state oil product reserves to ease the market tightness along with rising coronavirus cases in China further weighed on crude market,” the DOE bulletin added.
Following a two-month streak in oil price hike before rollbacks from the previous weeks, gasoline prices have already increased by P20.95 per liter year-to-date, P17.50 per liter increase for diesel, and P15.09 per liter increase for kerosene.*PNA