Pump price update: Fuel prices go down across the board

MANILA: The prices of gasoline, diesel, and kerosene all go down this week.

After going up by P0.10 last week, gasoline will have the smallest rollback at just P0.30 today.

Diesel continues to trend downwards, this time by P0.45 today.

Kerosene also continues to drop, this week by as much as P0.55.

The reduction in the price of fuel reflects big price discounts by Saudi Arabia to crude oil supply in Asia, their biggest yet. This is in response to weak demand after COVID-19 cases in several countries went up again.

Brent oil futures went down by 1.05% while West Texas Intermediate futures plunged by 1.13% putting it below the US$40 critical support price level.

Photo from the Philippine News Agency

Also read: Pump price update: Kerosene, diesel down by P0.10, gasoline up