Oil Prices To Decline

Oil firms have announced that they will roll back pump prices starting today (August 24).

Photo Insert: Petron Station along NLEX

In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT, Seaoil, Shell, and Total said they will slash gasoline prices by PHP0.80 per liter and PHP0.75 per liter on diesel prices. Caltex, Seaoil, and Shell will also cut kerosene prices by PHP0.90 per liter. Before Monday, global oil prices declined in a seven-day period.

This, as cases of COVID-19 Delta variant continue to rise, weakening fuel demand globally.

According to the Department of Energy’s oil monitor bulletin, Dubai crude last week fell USD1.40 per barrel while Means of Platts Singapore gasoline and diesel declined by USD1.50 per barrel and USD1.80 per barrel, respectively.

“Fuel demand tumbled in recent months as the pandemic caused governments to impose restrictions on movement and businesses closed their doors,” it added.

Compared to last year’s prices, diesel prices increased by PHP10.10 per liter, PHP8.30 per liter increase on kerosene, and PHP13.25 per liter increase on gasoline products.

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