MANILA – Oil firms on Monday announced that they will roll back pump prices this week.
In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT, Seaoil, Shell, and Total said they will slash gasoline prices by P0.80 per liter and P0.75 per liter on diesel prices.
Caltex, Seaoil, and Shell will also cut kerosene prices by P0.90 per liter.
Other oil firms are expected to follow suit.
The oil price rollback will start this morning.
Before Monday, global oil market had a seven-day losing streak.
This, as cases of coronavirus disease 2019 Delta variant continue to rise, weakening fuel demand globally.
According to Department of Energy’s oil monitor bulletin, Dubai crude last week fell $1.40 per barrel while Means of Platts Singapore gasoline and diesel declined by $1.50 per barrel and $1.80 per barrel, respectively.
“Fuel demand tumbled in recent months as the pandemic caused governments to impose restrictions on movement and businesses closed their doors,” it added.
Compared to last year’s prices, diesel prices increased by P10.10 per liter, P8.30 per liter increase on kerosene, and P13.25 per liter increase on gasoline products.(PNA)
