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Tuesday, March 5, 2024

Oil firms cut pump prices for 3rd week in a row

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The country’s oil firms cut pump prices by as much as P1.85 per liter for the third consecutive week across all products, effective 6 a.m. Tuesday.

The oil firms rolled back the diesel price by P1.85 per liter, kerosene by P1.85 per liter, and gasoline by P0.40 per liter to reflect the movement of oil prices in the world market.

“Effective 12:01 a.m. July 26, 2022, Chevron Philippines Inc.(Caltex) will decrease fuel prices of Platinum and Silver by P0.40 per liter, diesel by P1.85 per liter, and kerosene by P1.30 per liter,” Chevron said in its advisory.

PTT Philippines, Cleanfuel, and Seaoil Philippines also announced their respective price cuts, while other oil companies are expected to follow.

Over the weekend, Unioil Philippines said diesel should go down by P1.80 to P2 per liter and gasoline by P0.30 to P40 per liter.

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Rino Abad, DOE director for Oil Industry Management Bureau, earlier said the European Central Bank recently announced a hike in interest rates which affected the global oil price movement.

The impending review of the US Federal Reserves of its interest hike during a meeting from July 26 to July 27 also weighs on world oil price movements.

On July 19, the oil companies implemented a price rollback for gasoline by P5 per liter, diesel by P2 per liter, and kerosene by P0.70 per liter.

These resulted in the total year-to-date adjustments at a net increase of P19.30 per liter for gasoline, P34.80 per liter for diesel, and P29.35 per liter for kerosene.

Crude prices fell last week amid fresh lockdown fears in China and the release of US inflation data.

China detected the first case of the highly contagious omicron sub-type BA.5.2.1, triggering a surge in cases.

The release of the US inflation numbers, which stood at 9.1 percent in June, fuelled recession fears.

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