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Petroleum Products Price Change Implemented Today (October 20, 2020)

PETROLEUM PRODUCTS – Several oil firms will implement mixed price adjustments in fuel products which will start this day (October 20).

PETROLEUM PRODUCTS
Image from: PhilStar

According to Philippine Star, Petron Corp. said in an advisory that it will implement a P0.25 per liter rollback in the price of gasoline; while there will a P0.25 per liter increase in the price of diesel.

On the other hand, the price of kerosene will go up by P0.20 per liter. Petron said that these reflect movement in the international oil market.

The oil firm added that it will implement the price adjustments starting 6 AM today.

Other oil firms like Flying V, SeaOil, Petro Gazz, PTT Philippines, Phoenix Petroleum and Pilipinas Shell will also implement the price changes at 6 AM.

Cleanfuel, on the other hand, imposed the changes earlier at 4:01 PM today.

Based on the report, this is the third consecutive week of mixed price adjustments for fuel products. In the previous week, oil firms implemented a P0.45 per liter increase in the price of diesel, a P0.10 per liter rollback for gasoline, and a P0.55 per liter increase in the price of kerosene.

Global oil prices declined on Friday as the US and Europe saw spikes in COVID-19 infections.

Brent crude futures LCOc1 fell $0.23 to settle at $42.93 a barrel. On the other hand, the US West Texas Intermediate (WTI) crude futures dropped $0.08 to settle at $40.88 a barrel.

What do you think of this report? How will you react to this? Let us know more about it in the comments below.

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