After 9 weeks of increases, kerosene, gas prices dip

MANILA: Fuel companies have announced a rollback in the prices of gasoline and kerosene at 6 a.m. today after nine consecutive weeks of increases.

In separate announcements, gasoline prices of Shell, Seaoil, Chevron (Caltex), Flying V, Phoenix Petroleum, PTT Philippines, Petron, Petro Gazz, and Cleanfuel have dipped by P0.65 per liter.

Prices of kerosene products in Shell, Petron, Chevron (Caltex), Flying V, and Seaoil have been slashed by P0.40 per liter.

No significant change in the price of diesel was made.

Despite the global fuel prices reaching a four-month high last July 2 due to increasing demand and limited supply, the possibility of a second wave of the coronavirus disease 2019 (COVID-19) in the United States has become a dreaded risk in the demand for fuel products.

Global oil prices increased in May oil-exporting and producing countries settled on an agreement to reduce their production by 9.9 million barrels a day.

Brent crude is trading at US$43.05 for each barrel, while West Texas Intermediate (WTI) crude is selling at US$0.48 per barrel.

An extension has been implemented on the lowering of oil production until this month prior to easing the cuts to 7.7 million barrels per day.

 Photo from pna.gov.ph

Also read: Fuel pump prices inch up again