Oil prices down for second straight week

MANILA, Philippines — Oil companies are reducing pump prices for the second consecutive week, tracking lower global oil prices.

Cleanfuel led the price cuts yesterday afternoon, with a price reduction of P0.10 per liter on gasoline and P0.20 per liter on diesel.

Seaoil Philippines, meanwhile, said its price reduction of P0.10 per liter on gasoline and diesel and of P0.15 per liter on kerosene would take effect today at 6 a.m.

Petro Gazz also said it would implement a decrease of P0.10 per liter on gasoline and diesel starting 6 a.m. tomorrow.

Last week, international crude prices swung from gains to losses in the past trading week, mainly driven by concerns over the intensifying US-China trade war and its impact on the world economy.

This week’s price cut follows last week’s price reduction of P0.10 per liter on gasoline and diesel; and P0.10 per liter increase on kerosene.

Latest Department of Energy (DOE) data showed year-to-date adjustments stand at a net increase of P4.75 per liter for gasoline, P3.35 per liter for diesel and P1.40 per liter for kerosene.