NextGen Day

Oil companies stated on Monday that they would lower pump prices this week.

Caltex, Cleanfuel, Petro Gazz, PTT, Seaoil, Shell, and Total have issued separate advisories stating that gasoline prices would be reduced by PHP0.80 per liter and diesel prices will be reduced by PHP0.75 per liter.

Kerosene prices will be reduced by PHP0.90 per liter by Caltex, Seaoil, and Shell.

Other oil companies are likely to follow suit.

The drop in oil prices will begin on Tuesday morning.

The global oil market had been on a seven-day losing run before Monday.

This comes as the number of instances of the Covid-19 Delta variant continues to increase, putting downward pressure on world fuel consumption.

Dubai crude dropped USD1.40 per barrel last week, according to the Department of Energy’s oil monitor bulletin, while Means of Platts Singapore gasoline and diesel decreased USD1.50 per barrel and USD1.80 per barrel, respectively.

“Fuel consumption has fallen in recent months as governments have imposed travel restrictions and companies have shuttered their doors as a result of the pandemic,” it said.

Diesel prices grew by PHP10.10 per liter, kerosene prices increased by PHP8.30 per liter, and gasoline prices jumped by PHP13.25 per liter compared to the previous year.

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