Oil prices decline for third week in a row

Oil firms will implement another big-time price rollback on Dec. 6, bringing domestic fuel prices down for three consecutive weeks, according to a report by Philippine News Agency.

Starting 12:01 a.m. Tuesday, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell will slash gasoline prices by PHP1.95 per liter and PHP1.90 per liter on diesel prices.

Caltex, Seaoil, and Shell will also cut kerosene prices by PHP1.65 per liter.

Other oil firms are expected to follow suit.

Since the start of the year, fuel prices recorded net increases of PHP27.35 per liter for gasoline, PHP36.90 per liter for diesel, and PHP31.25 per liter for kerosene.

The Organization of the Petroleum Exporting Countries and its allies (OPEC ) decided on Sunday to maintain its output cut of 2 million barrels per day. It was the same crude oil production cut the cartel made in November.

This announcement of the OPEC sent West Texas Intermediate to trade higher by 0.48 percent to USD80.36 per barrel and Brent crude by 0.39 percent higher, selling at USD85.90 per barrel as of writing.