Oil Prices Further Decreases by Over P2 This Week

With global crude prices falling for the sixth-consecutive week, oil prices in the country continue to plummet, this time with over PHP2 on rollbacks.

Oil firms Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell announced in separate advisories that their gasoline price will go down by PHP2.40 per liter, while their diesel price will also decrease by PHP2.65 per liter.

Moreover, kerosene prices of Caltex, Seaoil, and Shell will also rollback by PHP2.70 per liter.

The said six-week drop in the price of crude oil is the longest time crude oil prices continuously went down, according to industry experts.

Moreover, the looming threat of the Omicron variant of COVID-19 has further made the price of the global oil market more volatile.

With the inclusion of the price adjustments for oil prices this week, year-to-date price adjustments for gasoline is currently at a net increase of PHP18.10 per liter, diesel at a net increase of PHP15.70 per liter, while kerosene stands currently at PHP2.70 per liter. (GFB)