Fuel prices down anew

MANILA: The upward tick in the price of fuel last week, perhaps lifted by positive news of Saudi Arabia and Russia agreeing on the cuts to reduce oil production, lasted for only seven days.  

The global price of oil went down again last Friday, prompting another local rollback of pump prices effective today at 6 a.m.

Caltex, Clean Fuel, Flying V, Petro Gazz, Petron, Phoenix Petroleum, PTT Philippines, Seaoil, Shell, and Total have reduced diesel by P1.15 per liter and gasoline by P0.55.

The kerosene price of Caltex, Flying V, Petron, Seaoil, and Shell is down by P0.60.

As the reduction in oil production begins in May 2020, the industry is still suffering from a massive oversupply worsened by reduction in global demand caused by the COVID-19 pandemic.

The price of international benchmark Brent crude oil continues to go down. It’s currently at US$ 27.51 per barrel and is seemingly on the way to the forecasted sub US$20-per-barrel level.

Also read: Fuel prices hike after more than a month