The country’s oil companies are cutting pump prices by as much as P1 per liter and the price of cooking gas by as much as P4.85 per kilo effective Tuesday.
The oil firms rolled back the price of kerosene by P1 per liter, gasoline by P0.85 per liter, and diesel by P0.70 per liter.
“Phoenix Petroleum Philippines will decrease the prices of diesel by P0.70 per liter and gasoline by P0.85 per liter effective 6 a.m. on May 2,” the company said. Other oil firms issued separate announcements of their price rollbacks.
At the same time, the oil firms cut the price of liquefied petroleum gas by P4.85 per kilo, or P53 per 11-kilo tank, to reflect the movement of LPG contract prices in the world market for the month of May.
Petron Corp. said in its advisory that its LPG rollback had taken effect on 12:01 a.m. of May 1. The company will also cut the price of its Xtend Auto LPG by P2.73 per liter.
Eastern Petroleum, for its part, said it would cut the price of its LPG by P4.50 per kilo or P49.50 per 11-kilo tank.
World oil prices declined in the past weeks due to reports of increasing US crude production as its oil shale drilling activities increased, according to the Energy Department’s latest monitoring report.
The report also cited data from US drilling company Baker Hughes, which showed US drillers added oil rigs for a 14th consecutive week, bringing the total count in America to 688.