Oil prices lower today

MANILA, Philippines — Oil firms are implementing rollbacks in the prices of fuel products today.

In separate advisories, oil companies said the price of gasoline would go down by P0.30 per liter while the price of diesel will decrease by P0.45 per liter.

Similarly, the price of kerosene will decrease by P0.55 per liter.

Among the companies that would implement price adjustments starting at 6 a.m. today are Flying V, Petro Gazz, Seaoil, Pilipinas Shell Corp., PTT Philippines and Petron Corp.

Meanwhile, Unioil and Clean Fuel said they would make the price adjustments at 6:01 a.m. and 8:01 a.m., respectively.

The price rollback comes after a week of mixed price adjustments in fuel products.

Last week, oil firms implemented a P0.10 per liter increase in the price of gasoline and a P0.10 per liter decrease in the price of diesel.

The price of kerosene also declined by P0.10 per liter.

In the last week of trading, oil prices posted their largest weekly decline since June on the back of fears of weak demand due to the slow economic recovery from the COVID-19 pandemic, Reuters reported.

On Friday, Brent crude LCOc1 fell by 3.2 percent to $42.66 a barrel while the US West Texas Intermediate (WTI) CLc1 slid 3.9 percent to $39.77 a barrel.

This resulted in a 5.3 percent weekly drop for Brent and a 7.4 percent decline for WTI.