The country’s oil firms cut pump prices anew, this time by as much as P1 per liter to reflect the softening of world oil prices in the market starting 6 p.m. Monday.
Fernando Martinez, Eastern Petroleum Corp. chairman and chief executive said the latest price adjustment reflects the downward trend in world oil prices at the close of last week’s trading owing to oversupply against slow demand outlook.
“Analysts expect a sharp slowdown in global oil demand in the fourth quarter of the year, which marks the slowest pace of growth in five quarters, while they also expect investments [in the petroleum sector] to likely drop further next year,” Martinez said.
The oil firms cut the price of gasoline by P1 per liter, diesel by P0.35 to P0.40 per liter and kerosene by P0.40 per liter. Eastern Petroleum cut prices at 6 p.m. Monday while others rolled back prices starting 12:01 a.m. Tuesday.
Among those that cut pump prices at presstime are Phoenix Petroleum Philippines, Petron Corp., PTT Philippines while others are expected to follow suit.
Phoenix Petroleum said it will reduce the prices of gasoline by P1 per liter and diesel by P0.35 per liter effective 6am October 27 due to the continued decline of refined petroleum products in the international market.
“Petron will implement the following price rollbacks 12:01 am October 27: P1 per liter for Blaze 100, XCS, Xtra Advance and Super Xtra, P0.35 per liter for Turbo Diesel and Diesel Max, and P0.40 per liter for kerosene. These reflect movements in the international oil market,” Petron said.
This is the second weekly consecutive price cut for oil products. The oil firms cut the price of kerosene by P0.85 per liter, diesel by P0.55 to P0.60 per liter and gasoline by P0.55 to P0.65 per liter last week.