MANILA -- Oil companies announced another rollback on their prices –the fifth consecutive week for diesel and kerosene, while gasoline prices are down for four straight weeks.
For this week, diesel prices are down by PHP0.60 per liter, gasoline by PHP0.30 per liter, and kerosene by PHP1.40 per liter.
Chevron, PTT Philippines, Shell, and Total said they will implement the oil price reduction Tuesday.
Over the weekend until Monday, Cleanfuel, Phoenix Petroleum, and Seaoil slashed fuel prices.
According to OilPrice.com, Brent crude price is trading at USD54.52 per barrel.
In its article posted last Feb. 8, experts said the OPEC+, or the group of 14 members of Organization of Petroleum Exporting Countries (OPEC) and 10 non-OPEC members, failed to put pressure on global crude oil prices despite its decision to cut production.
Experts said the coronavirus outbreak took a significant hit to the global oil industry as China is buying more than 70 percent of the coalition’s supplies. (PNA)
