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Oil prices cut in PH after Saudi oil facility attacks

Oil companies in the Philippines have cut the prices of fuel for the second time since the attack on Saudi Arabia’s state-owned oil facilities, Inquirer.net reported.

After the bombing of the facilities of Saudi Aramco Oil company caused a momentary hike on fuel prices, three of the oil firms in the Philippines have finally launched slashed oil rates last week.

Shell, Seaoil, PTT Philippines, and Phoenix have announced rollback on diesel and gasoline—with PHP 1 per liter and PHP.80 per liter reductions, respectively.

Shell and Seaoil have also deducted the rates of kerosene by PHP1.15 per liter.

In Asia, the price per barrel has jumped to $66.11 per barrel on September 16, the first trading day after the attacks.

As of October 3, Inquirer.net reported that the prices of crude have returned to pre-attack rates in Dubai, at $55.86 per barrel.

Staff Report

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