NextGen Day

Global oil prices have fallen for six weeks in a row, signaling a major oil price drop this week.

Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell each issued separate warnings stating that gasoline prices will be reduced by PHP2.40 per liter and diesel prices will be reduced by PHP2.65 per liter.

Kerosene prices will be reduced by PHP2.70 per liter by Caltex, Seaoil, and Shell.

Last Monday, local oil companies conducted a price rollback, resulting in a net increase of PHP18.10 per liter for gasoline, PHP15.70 per liter for diesel, and PHP13.19 per liter for kerosene year-to-date.

Last Friday, industry experts say, global crude oil prices fell for the sixth week in a row, the longest such stretch in three years.

The price volatility of crude in the global market has been pushed by the novel coronavirus disease 2019 (Covid-19) variant Omicron.

Since the novel Covid-19 strain appeared late last month, more countries have confirmed cases of the Omicron variety within their borders.

Prices of Dubai crude fell USD2.30 per barrel from November 22 and November 26, while Mean of Platts Singapore gasoline and diesel fell USD5.30 per barrel and USD2.90 per barrel, respectively.

Aside from the expected demand slowdown due to the Omicron version, the US government previously declared that 50 million barrels would be released from the Strategic Petroleum Reserve in the following months.

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