Filipino motorists filling up their vehicles with gasoline products will generate savings this week as the price of this commodity will be down by P0.25 per liter this week.
Conversely, the price of diesel products at domestic pumps will increase by P0.25 per liter; and it is the same case for kerosene products, of which costs will be higher by P0.20 per liter in this round of adjustment.
As of this writing, the oil companies that already sent notices on their cost movements effective Tuesday (October 20) had been Pilipinas Shell Petroleum Corporation, Seaoil and PetroGazz while the rest of the industry players are anticipated to follow.
In the past several weeks, price swings at Philippine retail pumps treaded on slight adjustments because prices in the world market had been relatively steady.
Nevertheless, there are apprehensions that oil demand may crash again because of the worsening second wave of coronavirus infections, primarily in Europe.
When that happens, according to experts, petroleum prices may plummet again in the coming months; although this is not seen reaching rock bottom or at least not the US$20 per barrel level that oil prices had plunged at when the lockdowns happened in most parts of the world in April.
The oil industry is among the sectors heavily hit by the pandemic, and this has been prompting global oil producers – chiefly the Organization of the Petroleum Exporting Countries (OPEC) — to strategize on how to lift sagging prices.