For two straight weeks now, oil firms will slash prices of gasoline but will increase those of diesel and kerosene products.
Starting Tuesday morning, Chevron, Cleanfuel, Flying V, Petro Gazz, PTT Philippines, Seaoil, and Shell will cut gasoline prices by PHP0.25 per liter, and will raise diesel prices by PHP0.20 per liter.
Chevron, Flying V, Seaoil, and Shell will also increase the prices of their kerosene products by PHP0.25 per liter.
According to the Department of Energy (DOE), Dubai crude has increased by USD0.25 per barrel in last week’s trading.
Mean of Platts Singapore (MOPS) also raised diesel prices by USD1.25 per barrel while it reduced gasoline prices by USD0.30 a barrel.
“With the overall refining margins in gasoline still negative, prices are seen to remain supported by supply balances. However, (the) outlook for gasoline demand in Asia is mixed with the impact of Covid-19 (coronavirus disease 2019) that varies between countries,” DOE’s world oil prices bulletin said.
On the other hand, West Texas Intermediate and Brent crude were trading better at USD41.18 and USD43.23 per barrel, respectively.
According to OilPrice.com, oil prices in the world market are unlikely to collapse but are not expected to move higher than the USD40-level until end-2020.
“The oil market has already priced in the slowing global demand recovery and the growing uncertainties about the economy amid resurging coronavirus cases in many parts of the world,” it added. (PNA)