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Sunday, May 26, 2024

Pump price drop comes in trickles: 20¢ per liter

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Most of the oil firms will roll back pump prices by P0.30 per liter of kerosene and P0.20 per liter of diesel effective 6 a.m. Tuesday to reflect the  movement of world oil prices.

Cleanfuel was the first to cut pump prices of P.20 per liter of diesel effective Sunday while Seaoil Philippines advised it will cut diesel and kerosene prices at the same level effective 6 a.m. Monday. The oil firms did not move gasoline prices.

Pilipinas Shell Petroleum Corp. and Petro Gazz separately announced they will cut prices on Tuesday.

World oil prices declined amid reports from the  US Energy Information Administration that oil production in the US  went up to 11.9 million barrels per day in November, reaching another all time high from 11.5 million BPD in October.

On Jan. 7 to 8, most of the oil companies implemented a price decrease/increase on petroleum products. Gasoline dropped by P0.10 per liter while diesel and kerosene have increased by P0.40 per liter and P0.30 per liter, respectively.

Before Tuesday’s price adjustments, year-to-date adjustments has stood at a net decrease of P0.10 per liter of gasoline and a net increase of  P0.40 per liter of diesel and P0.30 per liter of kerosene.

The country’s net oil import bill declined by 10 percent to $8.279 billion from $9.291 billion as of the end of September amid lower world oil prices and lower volumes.

The Philippines imported 128.368 million barrels valued at $8.836 billion during the period compared to 137.970 million barrels in the same period in 2018 valued at $10.299 billion.

However, the country exported a total of 9.315 million barrels during the period, lower than its exports in the same period in 2018 of 13.373 million barrels.

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