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Oil price rollback set on July 7

July 06, 2020 - Monday 4:07 PM by PNA

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MANILA – Oil firms will reduce prices of gasoline and kerosene effective Tuesday after nine weeks of implementing increments.

In separate advisories, Cleanfuel, Petro Gazz, Seaoil, and Shell said they will slash gasoline prices by PHP0.65 per liter.

Seaoil and Shell also announced a rollback of PHP0.40 per liter on kerosene products.

No movement in prices of diesel was announced.

Despite global oil prices hitting its four-month high last Thursday due to restricted supply and improving demand, the fear of second wave infection of the coronavirus disease 2019 (Covid-19) in the United States becomes a risk in oil demand.

West Texas Intermediate (WTI) crude is trading at USD40.48 per barrel and Brent crude is selling at USD43.05 per barrel.

Global oil prices improved in May after the oil-producing and exporting countries agreed to cut their production by 9.9 million barrels per day.

The lower oil production was extended until this month before easing the cuts to 7.7 million barrels a day. Kris Crismundo

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