Big-time oil price rollback set this week

Big-time oil price rollback set this week

MANILA – Oil companies have announced they will cut fuel prices by more than a peso per liter effective Tuesday.

In separate advisories issued on Monday, Caltex, Cleanfuel, Petro Gazz, Phoenix Petroleum, Seaoil, and Total said they will roll back diesel prices by PHP1.30 per liter and PHP1.20 per liter on gasoline.

Caltex, Seaoil, and Shell will also slash kerosene prices by PHP1.40 per liter.

Last week, diesel and kerosene prices declined amid the lower Dubai crude and Means of Platts Singapore (MOPS) gasoline and diesel prices.

“Demand outlooks remained under pressure amid concerns of resurgent coronavirus cases in the US and abroad, but the resumption of vaccine rollouts in several European countries stemmed the steep declines of March 18, which saw futures slide 7 percent,” the Department of Energy’s oil monitor bulletin said.

Meanwhile, Metro Manila and four provinces are reverted to enhanced community quarantine (ECQ) due to the surge of coronavirus disease 2019 (Covid-19) cases.

Current prices of fuel products are higher than last year at the height of the ECQ.

The average price of gasoline is higher by PHP7.35 per liter, diesel by PHP5.90 per liter, and kerosene by PHP4.90 per liter. (PNA)

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