More oil companies have announced big-time oil price rollback for this week. In separate advisories, Chevron, Petro Gazz, Seaoil, and Shell said they will cut diesel prices by P1.55 per liter and gasoline by P1 per liter effective Tuesday.
Chevron, Seaoil, and Shell will also reduce prices of kerosene products by P1.45 per liter. Other firms like Cleanfuel, Phoenix Petroleum, and Unioil already implemented the rollback as early as Sunday.
Data from OilPrice.com show that both Brent and West Texas Intermediate (WTI) crude were trading below USD40-level as of posting. Brent crude was selling at USD39.83 a barrel and WTI at USD37.42 a barrel.
OilPrice.com said the oil industry now targets plastics and petrochemicals as main sources of growth and revenue in the future as demand for transport fuels, jet fuel, and power generation remains unstable.