MANILA — Oil companies will implement another price rollback effective Tuesday.
Chevron (Caltex), Clean Fuel, Flying V, Petro Gazz, Phoenix Petroleum, PTT Philippines, Seaoil, and Shell will cut gasoline prices by PHP0.35 per liter and diesel by PHP0.70 per liter.
Chevron, Flying V, Seaoil, and Shell will also decrease kerosene prices by PHP0.75 per liter.
International benchmark Brent crude is now back to USD30-level. Brent crude is trading at USD33.88 per barrel.
Data from OilPrice.com show that Brent crude traded around USD28.50 a barrel before US President Donald Trump tweeted last Thursday saying that the Organization of the Petroleum Exporting Countries (OPEC) and its allies will slash oil production by 10 million barrels per day.
Brent crude then spiked by more than 20 percent to USD29.83 per barrel following Trump’s tweet.
The coronavirus disease pandemic prompted many countries to implement lockdown, which caused global oil demand to plummet.
Global demand for oil this month is seen to plunge by 20 million barrels per day (bpd) year-on-year. (PNA)