MANILA - A big-time oil price rollback is set this week as global oil prices fell for six consecutive weeks.
In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell said they will cut gasoline prices by PHP2.40 per liter and diesel by PHP2.65 per liter.
Caltex, Seaoil, and Shell will also reduce prices of kerosene by PHP2.70 per liter.
As local oil players implemented price rollback last week, year-to-date adjustment of gasoline prices posted a net increase of PHP18.10 per liter, PHP15.70 per liter for diesel, and PHP13.19 per liter for kerosene.
Industry experts said global prices of crude oil dropped for six weeks in a row last Friday, the longest streak of decline in three years.
The new coronavirus disease 2019 (Covid-19) variant Omicron has driven the price volatility of crude in the world market.
More countries have been confirming cases of the Omicron variant within their borders since the new strain of Covid-19 emerged late last month.
Between trading days of November 22 and 26, prices of Dubai crude declined by USD2.30 per barrel, while Mean of Platts Singapore gasoline and diesel decreased by USD5.30 per barrel and USD2.90 per barrel, respectively.
Aside from the looming slowdown in demand due to the Omicron variant, the US government earlier announced to release 50 million barrels from Strategic Petroleum Reserve in the coming months. (PNA)