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MANILA – After three consecutive weeks of increases, oil prices will go down effective Tuesday.
In separate advisories, Chevron, Cleanfuel, Petro Gazz, Petron, Phoenix Petroleum, PTT Philippines, Seaoil, Shell, Total, and Unioil said they will slash gasoline prices by PHP0.15 per liter and diesel prices by PHP0.10 per liter.
Chevron, Petron, Seaoil, and Shell will also decrease prices of kerosene by PHP0.10 per liter.
According to OilPrice.com, crude oil prices declined by more than 2.5 percent last Friday due to the concerns of lower demand as the coronavirus disease 2019 (Covid-19) cases are rising.
China is the world’s top importer of crude oil.
“The expanding lockdowns in China as Covid infections rise turned the sentiment bearish for the near term, as the market fears global oil demand this quarter could be weaker than anticipated,” OilPrice.com said.
Meanwhile, domestic oil prices gained compared to last year’s pre-Covid level.
Data from the Department of Energy show that as of Jan.19, gasoline prices had a net increase of PHP2.30 per liter, diesel by PHP1.65 per liter, and kerosene by PHP1.60 per liter from their prices a year ago. (PNA)
