The oil distributors cut pump prices by as much as P0.25 per liter effective at 6 a.m. today, Tuesday, to reflect the movement of world oil prices.
They cut the price of kerosene by P0.25 per liter and diesel by P0.05 per liter but did not touch gasoline prices.
“Petron will implement the following price rollbacks effective 6 a.m. on Dec. 29: P0.05 per liter of diesel and P0.25 per liter of kerosene. These reflect movements in the international oil market,” Petron Corp., the biggest oil firm, said.
World oil prices declined after several consecutive weeks of price increases amid the reports of a more contagious COVID-19 virus strain and concerns over fresh lockdowns in Europe that could dampen oil demand.
The fear of a new virus strain and new lockdowns overshadowed the previous optimism on the rollout of a vaccine that could put an end to the COVID-19 pandemic and pave the way for a global economic recovery.
On Dec. 22, the oil firms raised the price of gasoline by P0.75 per liter, diesel by P0.85 per liter, and kerosene by P0.80 per liter.
That resulted in the year-to-date adjustments to a net decrease of P3.47 per liter of gasoline, P7.61 per liter of diesel and P10.84 per liter of kerosene.
The oil companies also increased the price of gasoline by P0.50 per liter, diesel by P0.60 per liter and kerosene by P0.55 per liter on Dec. 15.
On Dec. 8, the oil firms also raised gasoline prices by P0.25 per liter, diesel by P0.40 per liter and kerosene by P0.60 per liter.
