Oil firms cut pump prices across all products led by kerosene at P1.40 per liter, gasoline by P0.90 per liter and diesel by P0.80 per liter effective 6am Tuesday to reflect the movement of prices in the world oil market.
Seaoil Philippines, PetroGazz, Jetti Petroleum, Clean and PTT Philippines issued separate advisories of the latest oil price movement.
This followed the rollback in the price of liquefied petroleum gas (LPG) of P1.19 to P1.20 per kilogram implemented by Solane LPG and Petron Corp. on March 1. This translates to a rollback of P13.09 to P13.20 price cut for an 11-kilo tank.
Department of Energy (DOE) Oil Industry Management Bureau (OIMB) director Rodela Romero forecasted a price rollback this week as world oil prices tumbled due to Korea’s sluggish fuel demand due to the lowered tax benefits; and the high US refined products inventories.
She said the easing geopolitical risk due to progress on Ukraine-Russia ceasefire deal; and upcoming tariffs being imposed by US could slow demand. “Final adjustments would be determined after the last trading today (Friday),” Romero said.
Meanwhile, Jetti Petroleum president Leo Bellas echoed the forecast of the DOE of a possible rollback. Bellas said diesel prices will likely go down by P0.70 to P0.90 per liter and gasoline by P0.80 to P1 per liter.
“Oil prices fell this week following reports of weak economic growth in the US that fed fears of slower demand. – Optimism that Russian sanctions being lifted with the improvement in the peace deal between Russia and Ukraine continued to weigh on prices,” he said.
He said further weighing on prices is the potential rise in supply as output from several countries are on track to increase. On Feb. 25, the oil companies implemented an increase of P0.70 per liter for gasoline, P0.40 per liter for diesel and P0.20 per liter for kerosene.
Year-to-date, both gasoline and diesel have a total net increase of P4.75 per liter while kerosene has total net increase of P2.90 per liter.
Prevailing prices of petroleum products in the National Capital Region for Feb. 18 to 24 showed that gasoline sells from P52 to P78.67 per liter, diesel from P50 to P74.64 per liter and kerosene from P72.64 to P84.20 per liter.