The country’s oil firms cut pump prices by as much as P1.10 per liter effective today (Tuesday) to reflect the movement of prices in the world oil market.
The oil firms cut the price of diesel by P1.10 per liter, gasoline by P0.35 per liter, and kerosene by P0.45 per liter.
“Petron will implement the following price rollbacks effective 6 a.m. on Oct 25: P0.35 per liter for gasoline; P1.10 per liter for diesel; and P0.45 per liter for kerosene. These reflect movements in the international oil market,” Petron Corp. said in its advisory.
PTT Philippines, Flying V, Cleanfuel, Chevron Philippines, Phoenix Petroleum Philippines, and Seaoil Philippines also rolled back pump prices.
Over the weekend, Unioil Philippines forecasted oil prices to go down by P0.90 per liter to P1 per liter for diesel and P0.20 per liter to P0.30 per liter for gasoline.
Domestic pump prices alternated from oil price hikes the previous week, reflecting the continuing volatility of prices in the world market.
Department of Energy director for the Oil Industry Management Bureau Rino Abad attributed the rollback to several factors, including the release by the US of 15 million barrels of oil per day starting in December.
He said factors that led to the price rollback this week include the continuing decline in fuel demand and emerging reports that the pronounced production cut by two million barrels per day by the Organization of the Petroleum Exporting Countries and its allies may not happen.
Abad said oil demand slowed down due to “the effect of interest hike and the high fuel cost.”
The DOE monitored that the US Energy Information Agency reduced its 2023 global oil consumption forecast by 500,000 barrels per day to 101.03 million barrels per day, citing lower GDP growth.
Last Oct 18, the oil companies implemented a per liter increase in gasoline by P0.80, diesel by P2.70, and P2.90 for kerosene.
These resulted in the total year-to-date adjustments at a net increase of P16.45 per liter for gasoline, P38.50 per liter for diesel, and P29.65 per liter for kerosene.