Price of gasoline and kerosene is set to rollback this Tuesday

MANILA, Philippines – Filipino consumers would benefit from rollbacks in gasoline and kerosene starting Tuesday morning, as a result of the sharp decline in global oil prices.

Caltex, Petro Gazz, Cleanfuel, Seaoil, Metro Oil, PTT, and Shell issued separate rollback advisories reducing gasoline prices by PHP0.90 per liter.

Meanwhile, Caltex, Seaoil, and Shell will also roll back the price of kerosene by Php 0.10 per liter.

To quote from the Department of Energy (DOE);

“Dubai crude has decreased week-on-week by almost USD1.60 per barrel. MOPS (Mean of Platts Singapore) gasoline and MOPS diesel have also decreased by around USD3 per barrel and nearly USD1.60 per barrel, respectively,”

With the sudden drop in global oil prices, the price movement of this week indicates the higher supply but weaker demand. As a result, the gasoline prices have dropped for two straight weeks and kerosene prices have dropped for three straight weeks.

The DOE said that the increase in crude supply is due to inventory builds in the United States and Iran. The Organization of Petroleum Exporting Countries and its Allies (OPEC+) increase its output by 400,000 barrels per day.

To quote from the DOE;

“Weaker economic data from China and Beijing’s announcement to release state oil product reserves to ease the market tightness along with rising coronavirus cases in China further weighed on the crude market,”

Gasoline prices have already risen by PHP20.95 per liter this year, following a two-month spike before rollbacks in recent weeks, while diesel prices have increased by PHP17.50 per liter and kerosene prices have increased by PHP15.09 per liter.

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