THE country’s oil firms cut pump prices by as much as P0.85 per liter effective 6 a.m. Tuesday to reflect the movement of prices in the world oil market.
Pump prices will go down by P0.75 per liter for gasoline, P0.85 per liter for diesel and P0.80 per liter for kerosene.
Seaoil Philippines, PTT Philippines, Jetti Petroleum, Cleanfuel, PetroGazz and Chevron Philippines announced separately the latest oil price rollback.
This developed as the Department of Energy (DOE) announced a 15-day price freeze for kerosene and 11-kilo and below liquefied petroleum gas (LPG) is being implemented upon the declaration of state of calamity in some areas including the National Capital Region.
DOE director for the oil industry management bureau Rodela Romero said oil prices settled lower last week due to easing of fears of an Iran-Israel escalation of conflict after Tehran said it would not seek to retaliate to Israel strike.
“Added on the said relief on the oil markets are the uncertainty in the demand outlook and the continuous increase in the inventory of crude of the US. But energy analysts say that volatility on oil prices still prevails,” Romero said.
The oil companies implemented last week a decrease of P0.40/liter in diesel and P0.70/liter in kerosene while gasoline increased by P0.10/liter.
Year-to-date, total adjustment of these products stood at a net increase of P7.75 per liter for diesel, P0.50 per liter for kerosene and gasoline by P10.35 per liter.
