After seven straight weeks of price hikes, oil firms will slash prices of diesel and kerosene effective this morning.
In separate advisories, Seaoil and Shell will cut diesel prices by P0.05 per liter.
Shell will also decrease kerosene prices by P0.25 per liter.
Other oil players are expected to follow suit.
Meanwhile, there will be no adjustment in gasoline prices.
Last week, oil prices declined as a new strain of the coronavirus disease 2019 (Covid-19) in the United Kingdom added worries on fuel demand recovery.
As of yesterday noon, West Texas Intermediate traded 0.21 percent lower at USD48.13 per barrel while Brent crude declined by 0.27 percent to USD51.15 per barrel, OilPrice.com data show.
Meanwhile, the Philippine shares ended yesterday in the red partly on investors’ wait-and-see stance regarding developments on US’s new relief package but the peso ended the trade sideways after the Christmas break.
Philippine Stock Exchange index (PSEi) lost 1.14 percent, or 82.13 points, to 7,122.25 points.
It was trailed by all the other indexes, with All Shares down by 0.94 percent, or 40.18 points, to 4,254.27 points.
Financials registered the highest decline with 1.99 percent and was followed by the Holding Firms, 1.67 percent; Industrial, 0.74 percent; Services, 0.67 percent; Mining and Oil, 0.54 percent; and Property, 0.22 percent.
Volume totaled to 60.55 billion shares, amounting to P8.14 billion.
Losers led gainers at 175 to 62 while 34 shares were unchanged.
Aside from the US aid package, Regina Capital Development Corp. head of sales Luis Limlingan said investors also took note of the developments on the post-Brexit deal between Britain and the European Union, that, in turn, resulted in the uptick in the prices of oil in the international market.
On the other hand, the peso ended the shortened trading week at 48.055 to a greenback from 48.07 last Dec. 23. There was no trading on Dec. 24 and 25 in line with the holidays.
It opened the trade at 48.05 and traded between 48.06 and 48.02.
Average level for the day stood at 48.036. Volume totaled to USD507.38 million, lower than the previous session’s USD679.2 million.*PNA