Oil prices down again

MANILA, Philippines — Another price rollback is set today after US oil prices traded in negative territory last week.

Gasoline prices would be decreased by P0.20 per liter, diesel by P1.80 per liter, and kerosene by P2.15 per liter.

In separate advisories, Flying V, Petro Gazz, Phoenix Petroleum Philippines Inc., Pilipinas Shell Petroleum Corp., PTT Philippines Inc. and Seaoil Philippines said their price adjustments would take effect 6 a.m.

Cleanfuel, on the other hand, said it would implement the same reduction on gasoline and diesel starting 8:01 a.m. today.

Prior to this week’s price movement, year-to-date adjustments stand at a net decrease of P15.07 per liter for gasoline, P15.09 per liter for diesel and P19.75 per liter for kerosene, based on data from the Department of Energy.

In the past week, Reuters reported US oil prices traded in the negative territory for the first time ever as the coronavirus pandemic continued to induce a supply glut globally.

Brent crude, the international benchmark, also slumped but not as much as US oil due to the availability of storage.

While global prices rebounded at the close of the week, prices still ended in the red for the eighth straight week as the pandemic continued to dry up global demand for fuel.