Photo by Leslie Venzon
MANILA -- Oil firms are set for another price rollback for this week.
In separate announcements, Chevron, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell said they will reduce prices of diesel by PHP0.40 per liter, and gasoline by PHP0.30 per liter.
Chevron, Seaoil and Shell will also slash kerosene prices by PHP0.35 per liter.
Most of the oil players will implement the rollback on Tuesday.
This is the third consecutive week that oil firms reduced prices of diesel and kerosene, and two straight weeks for gasoline price.
According to OilPrice.com, WTI crude and Brent crude prices hit their lowest since late November last year.
As of this posting, WTI crude traded at USD52.94 a barrel while Brent crude at USD58.61 a barrel, lower than last week’s trading of USD54.54 per barrel and USD60.22 per barrel, respectively.
Goldman Sachs also forecasted that the highly contagious coronavirus in China will ease global demand on jet fuel, and will further soften world oil prices.
Some international airlines have temporarily cancelled flights to China due to the 2019 novel coronavirus. (PNA)
