Oil companies are set to implement price cuts on Tuesday (November 26) at 6:00 a.m.
Shell and Petro Gazz will implement P0.20 per liter price cut in gasoline while P0.10 per liter will be cut from diesel. Shell will also have a P0.10 per liter price rollback in kerosene.
Meanwhile, Clean Fuel already implemented their price cuts on Sunday (November 24). Diesel price went down by P0.10 per liter while gasoline price was cut by P0.10 per liter.—AAC (with reports from Grace Casin)
Oil prices dropped considerably on Thursday as investors grew concerned over a re-acceleration in virus infections, which would dampen the outlook for crude demand.
The West Texas Intermediate (WTI) for July delivery shed 3.26 U.S. dollars, or 8.23 percent, to settle at 36.34 dollars a barrel on the New York Mercantile Exchange. The decline marked the biggest one-day loss since April 27 and the settlement was the lowest since June 1, according to Dow Jones Market Data.
Brent crude for August delivery dipped 3.18 dollars, or 7.62 percent, to close at 38.55 dollars a barrel on the London ICE Futures Exchange.
The moves came after coronavirus cases increased in some U.S. states that are reopening up from lockdowns.
More than 2 million confirmed COVID-19 cases have been reported in the United States, with over 113,000 deaths as of Thursday afternoon, according to the Center for Systems Science and Engineering at Johns Hopkins University.
Oil prices were also dragged as data showed a surprise build in U.S. inventories.
U.S. crude oil inventories increased by 5.7 million barrels during the week ending June 5, the U.S. Energy Information Administration said Wednesday. (Reuters)
MANILA, Philippines – Oil companies have announced another price rollback on petroleum products this week to reflect the movement in the international oil market.
In separate advisories, Pilipinas Shell Corporation, Chevron Philippines Inc. (Caltex), and SEAOIL Philippines Inc. said they would slash prices for their gasoline, diesel and kerosene products by P0.35 per liter and P0.70 per liter and P0.75 per liter respectively.
Phoenix Petroleum Philippines and Petro Gaxx will also implement the same price cut except for kerosene which they do not carry.
The oil price rollback will take effect on Tuesday, April 7.
This is the fifth consecutive week that oil firms implemented price cuts.
UNTV is a major TV broadcast network with 24-hour programming. An Ultra High Frequency station with strong brand content that appeal to everyone, UNTV is one of the most trusted and successful Philippine networks that guarantees wholesome and quality viewing experience.