After nine weeks of oil price hikes, firms will roll back prices of kerosene and diesel.
Starting Tuesday morning, Caltex, Cleanfuel, Petro Gazz, Petron, Seaoil, and Shell will cut diesel prices by PHP0.35 per liter but they will increase gasoline prices by PHP1.15 per liter.
Caltex, Petron, Seaoil, and Shell will also reduce kerosene prices by PHP0.30 per liter.
In the past nine weeks of oil price hikes, diesel has increased by PHP9.10 per liter, PHP8.35 per liter for gasoline, and PHP8.06 per liter for kerosene.
According to Department of Energy’s (DOE) oil bulletin for trading days October 11 to 15, Dubai crude traded higher by USD3 per barrel week-on-week, while Mean of Platts Singapore (MOPS) gasoline and diesel also went up by USD5.25 per barrel and USD3.80 per barrel, respectively.
The DOE attributed the price increases of the oil price benchmarks mainly due to tight supply and improving oil demand.
“The improving Covid-19 (coronavirus disease 2019) situation, easing of mobility restrictions and reopening of borders by many countries fueled the prospects of higher oil demand,” it added.
Last Friday, Brent and West Texas Intermediate (WTI) rebounded, closing at USD84.34 a barrel and USD83.57 a barrel, respectively.
Global oil prices were higher ahead of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) meeting as the cartel is expected to maintain its output amid improving demand for the commodity.
Meanwhile, liquefied petroleum gas (LPG) prices have increased for November.
Petron announced that it will implement a PHP3.10-per-kilogram increase on LPG starting at 4 p.m. Monday.
This will translate to a PHP34.11 increase for a standard 11-kilogram LPG tank.
Petron’s AutoLPG price will also go up by PHP1.73 per liter this month. (PNA)
