Oil firms roll back prices

March 23, 2021
https://malaya.com.ph/index.php/news_business/oil-firms-roll-back-prices-10/

Oil companies are rolling back their prices effective today, March 23, after last week’s hike as a new wave of coronavirus infections across Europe dampens hopes for global fuel demand recovery.

No price movements were enforced for gasoline products.

According to the Department of Energy, the average Metro Manila price per liter of gasoline (RON95) is at P50.05, diesel at P40.90 and kerosene, P46.89.

Shell and Seaoil decreased their prices by P0.35 for diesel and P0.45 for kerosene.

As of March 16, 2021, year-to-date adjustments on fuel prices summed up to a net increase of P7.35 per liter for gasoline, P6.25 per liter for diesel and P5.35 per liter for kerosene.

Reuters reported that as of Friday last week, Brent crude settled at $64.53 a barrel while US West Texas Intermediate crude ended at $61.42 per barrel.

The report said Germany, France and other European countries only recently resumed the provision of vaccines after AstraZeneca secured regulators’ declaration of its safety.

Goldman Sachs said factors related to demand from the European Union and supply from Iran will slow down the expected market rebalancing in the second quarter.

It said the Organization of the Petroleum Exporting Countries and its allies is expected to offset such development by further prolonging production cuts.

However, it noted that US shale production is also increasing global oil supplies with American drillers adding nine oil rigs last week, the biggest weekly increase since January. -J. Macapagal