MANILA: Fuel companies once again announced adjustments in oil prices effective today.

In separate announcements, Shell, Seaoil, PTT Philippines, Petro Gazz, Phoenix Petroleum, Petron, Flying V, Cleanfuel, and Chevron (Caltex) increased gasoline prices by P0.25 per liter while diesel prices decreased by P0.20 per liter.

Retail prices of kerosene products at Shell, Seaoil, Petron, Flying V, and Chevron also dipped by P0.35 per liter.

Both Brent crude and West Texas Intermediate acquired trade prices yesterday of US$44.87 and US$41.81 per barrel, respectively.

Based on IHS Markit, the international standard Brent Crude is anticipated to trade from US$40 to US$47 a barrel for the next four quarters, assuming that there is no second wave of COVID-19 infections.

On the other hand, industry specialists have said that the increasing number of COVID-19 cases worldwide is still the prevailing issue for oil demand outlook.

Photo from pna.gov.ph

Also read: Pump price update: Gas, diesel, and kerosene down