Concerns over an increase in Omicron variant cases around the world drove down global oil…
Three weeks in a row have seen lower oil prices.
On March 28, oil companies will undertake a further price rollback, bringing fuel prices down for three weeks in a row.
Caltex, Cleanfuel, Jetti, Phoenix Petroleum, Petro Gazz, Seaoil, Shell, and Unioil will lower the price of gasoline by PHP0.85 per liter and the price of diesel by PHP1.30 per liter as of 12:01 a.m. Tuesday.
Kerosene prices will also be reduced by PHP1.90 per liter by Caltex, Seaoil, and Shell.
With the price changes last week, the cost of gasoline has climbed by PHP7.60 per liter since the beginning of the year, the cost of diesel has increased by PHP0.15 per liter, while the cost of kerosene has decreased by PHP1.35 per liter.
OilPrice.com claims that the dip in oil prices last week was caused by bank concerns.
On the other side, market optimism is fueled by Chinese demand and suggestions that the US Federal Reserve may stop raising interest rates.
As of this writing, Brent crude was trading at USD75.86 per barrel and West Texas Intermediate crude was trading at USD70.14 per barrel, up 1.27 and 1.16 percent, respectively.
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