Oil companies will adjust fuel prices starting Tuesday morning.
In separate advisories, Chevron, Cleanfuel, Flying V, Phoenix Petroleum, PTT Philippines, Seaoil and Shell will hike prices of gasoline by PHP0.25 per liter and will rollback diesel prices by PHP0.20 per liter.
Chevron, Flying V, Seaoil, and Shell will also reduce retail prices of kerosene products by PHP0.35 per liter.
Both West Texas Intermediate and Brent crude gain trade prices Monday at USD41.81 per barrel and USD44.87 per barrel.
According to IHS Markit, global benchmark Brent crude is expected to trade between USD40 to USD47 a barrel for the next four quarters if there is no major second wave infection of coronavirus disease 2019 (Covid-19).
Meanwhile, industry experts say the rising number of Covid-19 cases globally remains the dominant concern for oil demand outlook. (PNA)