LOCAL oil players are cutting prices for the sixth consecutive week effective today as global crude costs continue to slide due to tempered demand caused by the coronavirus disease 2019 pandemic.
According to the Department of Energy (DOE), the average Manila price per liter of gasoline (RON95) is at P38.87, diesel at P31.03 and kerosene at P30.27.
Shell and Seaoil cut the prices of gasoline by P0.35 per liter, diesel by P0.70 per liter and kerosene by P0.75 per liter.
Phoenix and PTT implemented a decrease of P0.35 per liter for gasoline and P0.70 per liter for diesel.
The DOE said as of April 1, year-to-date adjustments have resulted in a net reduction of P14.72 per liter for gasoline, P13.39 per liter for diesel and P18.20 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude settled at $34.11 a barrel while US West Texas Intermediate crude ended at $28.34 a barrel.
