Oil companies on Monday announced a price rollback at the pumps owing to the continuing decline in international prices.
In separate statements, Pilipinas Shell, Petron Corp. PTT Philippines, Flying V and Eastern Petroleum announced a price cut of P0.90 per liter of gas, P0.90 of gasoline and P1.05 of diesel.
The price adjustments takes effect at 12:01 a.m for Flying V while Pilipinas Shell, Petron, PTT Philippines and Eastern Petroleum will cut prices at 6:00 am.
Last May 10, most of the oil companies implemented a price rollback of P0.30 per liter of gasoline, P0.20 per liter of diesel and P0.40 per liter of kerosene.
According to Energy Department Oil Price Monitor as of April 25, crude benchmarks dropped by an average of almost two dollars this week, reversing previous week increases, generally due to reports of increasing US crude production as oil shale drilling activities increased.
These were weighing over Opec plan to extend output cuts for another six months.
Data from US drilling company Baker Hughes reportedly showed on April 21 that US drillers added oilrigs for a 14th consecutive week, bringing the total count to 688.
In Asia, Platts noted a stable gasoline market, despite the Energy Information Administration data showing a surprise buildup of US gasoline stocks.