Oil firms gave consumers a hefty price rollback of as much as P3 per liter effective 6 a.m. Tuesday to reflect the movement of prices in the world oil market.
Local oil companies cut the price of diesel by P3 per liter, kerosene by P2.30 per liter, and gasoline by P2.10 per liter.
“Petron will implement the following price rollbacks effective 6 a.m. on Feb 7: P2.10 per liter for gasoline; P3 per liter for diesel; and P2.30 per liter for kerosene. These reflect movements in the international oil market,” Petron Corp., the country’s biggest oil player, said.
Phoenix Petroleum Philippines, PTT Philippines, Seaoil Philippines, Jetti Petroleum, and Cleanfuel issued separate advisories of the latest oil price movement, while other oil companies are expected to follow.
The rollback ended three consecutive weeks of price hikes for gasoline and diesel, which reached a total of P5.05 per liter for gasoline and P3.75 per liter for diesel.
On Saturday, Unioil Philippines said diesel prices would go down by P2.60 to P2.80 per liter, while gasoline would go down by P1.90 to P2 per liter.
Rodela Romero, Department of Energy director for the Oil Industry Management Bureau, said Friday that oil prices were forecasted to go down this week due to the “ongoing recessionary fears, the threat of further interest rates and build up in US inventories of crude, petrol, and distillates.”
Sources told the Standard that oil prices were also influenced by reports that Russian exports remained strong and the decision of the Organization of the Petroleum Exporting Countries and its allies not to cut production, contrary to market expectations of a small production cut.
On Jan. 31, the oil companies raised pump prices of gasoline by P1.30, diesel by P1, and kerosene by P1.35. These resulted in a total net increase this year to stand at P7.20 per liter for gasoline, P3.05 per liter for diesel, and P4.45 per liter for kerosene.
Oil companies usually announce price adjustments every Monday, to be implemented on the following day.