THE oil distributors cut pump prices by P1.20 per liter of kerosene, P0.55 per liter of diesel and P0.35 per liter of gasoline effective today, Tuesday, and wiped out the previous week’s oil price increases.
“Phoenix Petroleum Philippines will decrease the price of gasoline by P0.35 per liter and diesel by P0.55 per liter effective 6 a.m. on March 13,” the company said in an advisory.
Phoenix aside, Seaoil Philippines, PTT Philippines, Eastern Petroleum and Flying V also cut their prices.
The other distributors were also expected to cut their prices today.
World oil prices declined last week due to reports of higher US crude inventories. The US is expected to increase its inventories by four million barrels a day.
Domestic pump prices went up by as much as P0.80 per liter on March 6.
The oil firms raised the price of kerosene by P0.80 per liter, gasoline by P0.50 per liter and diesel by P0.30 per liter after reports that Libya’s National Oil Corporation invoked force majeure on the supply from its El-Feel oil field due to protests by tribes and security guards.
Prices were supported by signs of robust production curbs by the Organization of Petroleum Exporting Countries and non-Opec countries and a slight fall in US production.
The price of gasoline now retails at P46.80 to P57.12 per liter, diesel at P35.80 to P42.55 per liter and kerosene at P43.50 to P53.70 per liter.