MANILA – Oil companies have announced another round of price reduction of at least PHP2 per liter effective Tuesday.
In separate statements Monday, Chevron Philippines (Caltex), Petro Gazz, PTT Philippines, Seaoil, and Shell said they will slash diesel prices by PHP2 per liter and gasoline by PHP3.50 per liter.
Chevron, Seaoil, and Shell will also reduce kerosene prices by PHP3.50 per liter.
According to OilPrice.com, world oil price benchmarks WTI crude dipped to USD22.85 per barrel while Brent crude traded at USD28.50 a barrel.
In January, WTI and Brent crude were selling at more than USD50 per barrel.
Some industry experts said a USD5-per-barrel oil price is possible, OilPrice.com said.
Global oil and gas industry also reduced their capital expenditures to USD31 billion this month. (PNA)
