MANILA — Oil companies announced price adjustments on their products this week.
Gasoline prices are up this week by PHP0.35 per liter after four straight weeks of rollback.
Diesel and kerosene prices continue to go down this week, as oil players cut PHP0.10 per liter for both fuel products. This is the sixth straight week that firms slashed prices of diesel and kerosene.
According to OilPrice.com, world crude oil prices gained this week after six weeks of slump.
“Oil prices were set early on Friday for their first weekly gain since early January as the market shook off the coronavirus panic and hoped for a Chinese stimulus in case the virus outbreak considerably slows down the economy,” it posted last Friday.
As of posting time, Brent crude prices increased by 1.74 percent to USD57.32 per barrel, while West Texas Intermediate crude traded 0.17 percent higher at USD52.14 per barrel.
It added several Chinese independent refiners are back in the oil market as they take advantage of the cheap crude oil to prepare for the surge in demand after the coronavirus disease 2019 outbreak.
Data from the Department of Energy show that compared to last year, gasoline prices are down by PHP3.15 per liter, diesel prices are lower by PHP4.50 per liter, while kerosene prices dropped by PHP5.84 per liter. (IAMIGO/sovereignph.com/PNA)