More oil firms cut pump prices by as much as P0.40 per liter effective Tuesday to reflect the movement in prices at the world oil market.
The oil firms cut the price of diesel by P0.40 per liter, P0.35 per liter for kerosene and P0.30 per liter for gasoline.
“Petron will implement the following price rollbacks effective 6 a.m. on Jan. 28: P0.30 per liter for gasoline, P0.40 per liter for diesel and P0.35 per liter for kerosene. These reflect movements in the international oil market,” Petron Corp. said in its advisory.
Aside from Petron, Pilipinas Shell Petroleum Corp., Total Philippines, Phoenix Petroleum, PTT Philippines, Chevron Philippines, Seaoil Philippines also issued separate advisories of the price cut.
Last Jan. 18 to 21, most of the oil companies also cut the price of gasoline by P0.85 to P0.90 per liter, diesel by P1.70 per liter and P1.60 to P1.65 per liter for kerosene.
Prior to today’s rollback, year-to-date adjustments stand at a net decrease of P0.95 per liter for gasoline, P1.50 per liter for diesel and P1.64 per liter for kerosene.
World oil prices have softened recently as oil producers, Russia, and nine other countries are entering their fourth year of production cuts aimed at supporting oil prices with the group slashing 1.7 million barrels per day until March.
Saudi Arabia is also planning to further cut 400,000 b/d and OPEC and its allies will meet again March 5-6 in Vienna to decide on the future of the deal.
Demand from the Asian market declined due to healthy supply and weak demand as driving activity tapers off during the winter. The oversupply situation in Asia was also seen in the Middle East.