Oil firms cut prices

April 13, 2021
https://malaya.com.ph/index.php/news_business/oil-firms-cut-prices-2/

Oil companies are rolling back fuel prices effective today on continued volatility brought by the pandemic.

Supplies from major producers are rising with fears that global fuel demand will not recover this year.

According to the Department of Energy, the latest average Manila price per liter of gasoline (RON95) is at P50.76, diesel at P39.30 and kerosene, P45.51.

Petron, Shell and Seaoil cut prices by P0.25 for gasoline and P0.10 for diesel.

Phoenix Petroleum, Clean Fuel and PTT implemented an adjustment of P0.25 for gasoline.

No price movements were made for diesel products.

As of April 6, 2021, year-to-date adjustments on fuel prices summed up to a net increase of P6.80 per liter for gasoline, P4.65 per liter for diesel and P3.55 per liter for kerosene.

Reuters reported that as of Friday last week, Brent crude futures for June ended at $63.04 a barrel, down by 16 cents while US West Texas Intermediate crude for May settled at $59.38, lower by 22 cents.

The Organization of the Petroleum Exporting Countries and its allies are poised to increase supplies by 2 million barrels per day between May and July.

Renewed lockdowns in some parts of the world as well as problems with vaccination programs also threaten worldwide oil demand. – Jed Macapagal