MANILA – Oil companies will implement an increase in the prices of gasoline and a rollback on the prices of diesel and kerosene effective Tuesday.
In separate advisories, Chevron, Cleanfuel, Petro Gazz, Seaoil, and Shell announced they would hike gasoline prices by PHP0.15 per liter and reduce the price of diesel by PHP0.20.
Chevron, Seaoil, and Shell will also roll back the price of kerosene by PHP0.25 per liter.
As of this posting, global oil benchmarks West Texas Intermediate (WTI) and Brent crude traded at USD42.41 a barrel and USD44.44 a barrel, respectively.
Industry analysts projected Brent to hold near USD45 a barrel but did not see the market to trade at higher prices in the near future.
Experts said the market remains volatile due to uncertainties in global demand caused by the coronavirus disease 2019 (Covid-19) pandemic.
Crude oil prices hit a 21-year low due to lockdown measures imposed by many countries to contain the spread of Covid-19. (PNA)
