OIL firms will implement another big-time price rollback today, bringing domestic fuel prices down for three consecutive weeks.
Starting 12:01 a.m., Caltex, Cleanfuel, Petro Gazz, Petron, PTT Philippines, Seaoil, and Shell will slash gasoline prices by PHP1.95 per liter and PHP1.90 per liter on diesel prices.
Caltex, Petron, Seaoil, and Shell will also cut kerosene prices by PHP1.65 per liter.
Since the start of the year, fuel prices recorded net increases of PHP27.35 per liter for gasoline, PHP36.90 per liter for diesel, and PHP31.25 per liter for kerosene.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided on Sunday, Dec. 4, to maintain its output cut of 2 million barrels per day. It was the same crude oil production cut the cartel made in November.
This announcement of the OPEC+ sent West Texas Intermediate to trade higher by 0.48 percent to USD80.36 per barrel and Brent crude by 0.39 percent higher, selling at USD85.90 per barrel as of writing. (PNA)
