Oil firms cut pump prices for the second consecutive week by as much as P1.65 per liter effective 6am Tuesday due to slowdown in global demand and oversupply of petroleum products.
The oil firms rolled back the price of gasoline by P1 per liter diesel by P1.30 per liter and kerosene by P1.65 per liter to reflect the movement of prices in the world oil market last week.
Seaoil Philippines, Jetti Petroleum, PetroGazz, Chevron Philippines and Cleanfuel issued separate advisories of the rollback,
Department of Energy director for the oil industry management bureau Rodela Romero said last week the weakening global demand prospects and expectations of oil oversupply were the main factors for the said rollbacks.
She said the Organization of the Petroleum Exporting Countries and its allies (OPEC+) revised downwards its demand forecast for this year and 2025 as reflected in the September Oil Market Report.
“Likewise, China’s crude demand remains seasonally weak. On the supply side, Iraqi’s and Libyan’s crude exports hit an 8-month high and have resumed loading, respectively,” Romero said.
On Sept. 10, the oil companies implemented a decrease of P1.55 per liter for gasoline, P1.30 per liter for diesel and P1.40 per liter for kerosene.
Year-to-date, total adjustment of gasoline and diesel stands at a net increase of P5.85 per liter and P3.05 per liter, respectively, while kerosene has a total net decrease of P4.70 per liter.
