The country’s oil firms cut pump prices by as much as P1.95 per liter effective Tuesday to reflect the movement of prices in the world oil market.
Petron Corp., Chevron Philippines, Phoenix Petroleum Philippines, Seaoil Philippines, PetroGazz, PTT Philippines and Cleanfuel announced their respective price rollbacks, in line with forecasts made late last week.
“Petron will implement the following price rollbacks effective 6 a.m. on Dec 06: P1.95/liter for gasoline; P1.90/li for diesel and P1.65/li for kerosene. These reflect movements in the international oil market,” the company said.
This is the third straight week of reduced gasoline, diesel, and kerosene prices amid the continued softening of world oil prices.
Unioil Petroleum Philippines announced that fuel prices would likely go down next week, December 6 to 12.
“Diesel should go down by P1.90 to P2.00 per liter. Gasoline should go down by P1.80 to P1.90 per liter,” Unioil said in its advisory.
An oil industry source also told the Standard kerosene was slated to slide down by P1.60 per liter.
Rodela Romero, Department of Energy director for the Oil Industry Management Bureau, said consumers could expect another rollback on prices of petroleum products this week.
Romero said this is due to the “ongoing escalating protests in several major Chinese cities (that) ramped up concerns over increased economic disruptions in the world’s largest crude importer.”
“But the market is somewhat being ‘balanced’ by the expected supply cut by OPEC+ as they meet early this December, and as the EU sanctions and price cap will be implemented,” Romero said.
On Nov. 29, local oil firms also cut pump prices.
They implemented a price rollback of P3.95 per liter for diesel for the sixth consecutive week and cut the price of gasoline by P0.85 per liter and kerosene by P2.65 per liter.
On Nov. 22, oil companies also posted rollbacks of P0.40 per liter for gasoline, P2.15 for diesel, and P2.10 per liter for kerosene.
On Nov. 15, oil firms also cut diesel prices by P0.30 per liter but raised gasoline by P0.90 per liter and kerosene by P1.35 per liter.