Fuel prices roll back anew

MANILA: Petroleum companies have rolled back pump prices again.

Just a week after gasoline prices dropped by P2, price of fuel has gone down as of 6 a.m. today.

Shell, Caltex, Total, Seaoil, Phoenix Petroleum, Petro Gazz, PTT Philippines and Cleanfuel have all cut price of gasoline by P0.35 per liter and price of diesel by P0.70.

For users of kerosene, you’ll be happy to know that Shell, Caltex, Flying V, and Seaoil have also reduced prices by P0.75 per liter.

This makes it five consecutive weeks now that fuel prices have gone down since the start of March 2020.

The Organization of the Petroleum Exporting Countries (OPEC) and major producers have yet to make adjustments based on the drop in demand worldwide. Without production cuts that are needed to stem the oversupply, price of fuel is expected to continuously drop in the coming weeks.

Brent crude, which is an international benchmark for oil pricing, is now trading at US$33.88 per barrel. It is forecast to go down to US$20 per barrel between April and June 2020, and worse, to US$10 per barrel after that.

Also read: Fuel prices go down for 4th time in March