Diesel prices cut by ₱1.80/liter, kerosene by ₱2.15/liter today

Published April 27, 2020, 12:00 AM

by manilabulletin_admin

By Myrna M. Velasco

Filipinos who are using diesel on their vehicles can enjoy a price rollback of ₱1.80 per liter this week if they happen to be on the road despite the extended enhanced community quarantine (ECQ) in many areas.

(MARK BALMORES / MANILA BULLETIN FILE PHOTO
(MARK BALMORES / MANILA BULLETIN FILE PHOTO

For kerosene, which is an essential commodity for households and even for industries like aviation, the price cut will even be heftier at ₱2.15 per liter, as announced by the oil companies.

Gasoline will be on a marginal rollback of just ₱0.20 per liter, when price adjustments would be enforced on Tuesday (April 28). As of press time, the oil firms that already announced price cuts include Pilipinas Shell Petroleum Corporation, Seaoil, PTT Philippines, Flying V and Chevron; while the rest of the industry players are anticipated to follow.

Global oil prices have been continuously on precipitous slide as countries have restrained travel and movements of their citizens, hence, causing depressed demand on petroleum commodities.

In the Philippines, Energy Secretary Alfonso G. Cusi indicated over the weekend that at least 10-percent of the retail networks of the oil companies have ceased operations – specifically in areas where motorists can no longer reach or if these are located a bit far from traffic.

Given the battering that they are experiencing, it is the oil companies that have been pleading already for gradual lifting of the Philippine economy after the ECQ extension on May 15.

Globally, several strategies are being explored so the oil industry could rebound after the coronavirus-anchored restrictions will already be lifted in many countries.

An oil market report of the International Energy Agency (IEA) indicated that demand will likely fall by 9.3 million barrels per day this year, as the impact of containment measures – in around 187 countries – have been bringing mobility to a halt.

AFP reported from Singapore yesterday that US oil prices fell heavily Monday on renewed concerns over storage capacity as the coronavirus throttles demand, even as producers start slashing output to boost markets.

US benchmark West Texas Intermediate dropped 9.3 percent to $15.36 a barrel in Asian morning trade.

Brent crude, the international benchmark, was off 3.2 percent at $20.75 a barrel.

Prices have collapsed in recent weeks as demand for the commodity evaporated owing to lockdowns and travel restrictions imposed worldwide to fight the virus.

Last week, US oil fell below zero for the first time as investors scrambled to offload it before the expiry of a trading contract, but could not readily find buyers.

 
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