Oil firms to cut prices anew

Oil companies announced price rollback on their products this week.

Gasoline prices will go down by as much as PHP1.20 per liter, while diesel prices will be PHP0.75 cheaper per liter.

Seaoil and Shell will cut kerosene prices by PHP1.05 per liter.

Most of the oil players will implement the reduction on Tuesday.

Cleanfuel and Phoenix Petroleum already lowered their prices over the weekend.

During last Sunday’s trading, world benchmark Brent crude oil price dipped by about USD11 per barrel, or down by 25 percent — the lowest since 1991.

Apart from the global uncertainties brought by the coronavirus disease 2019 (Covid-19), an oil price war between Saudi Arabia and Russia arises after the latter rejected to further reduce production.

Source: Philippines News Agency

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