Oil companies have rolled back pump prices for the third straight week as global crude costs continue to fall due to lower global demand as COVID-19 cases climb anew.
According to the Department of Energy, the latest average Manila price per liter of gasoline (RON95) is at P60.70, diesel at P45.05 and kerosene, P50.13.
Seaoil and Caltexlowered prices by P0.80 per liter for gasoline, P0.75 for diesel and P0.90 per liter for kerosene.
PTT and Clean Fuel also adjusted prices of gasoline by P0.80 per liter and diesel by P0.75 per liter.
As of August 17, year-to-date adjustments on fuel prices summed up to a net increase of P13.25 per liter for gasoline, P10.10 per liter for diesel and P8.30 per liter for kerosene.
Reuters reported that as of Thursday last week, brent crude settled at $66.45 a barrel while US West Texas Intermediate ended at $63.50 a barrel.
The report said after rallying throughout the first half of the year, global crude prices started a decline last July mainly due to the recent wave of coronavirus infections worldwide which became another threat to global travel and economic activity.
Likewise, the timing of the virus resurgence with the decision of major oil producing countries to prepare an increase in supply as well as the unexpected improvement in US gasoline inventories also became factors in the falling prices.
