The country’s oil firms cut pump prices by as much as P0.85 per liter starting Monday evening to reflect the movement in world oil prices.
Petron Corp., Pilipinas Shell Petroleum Corp., PTT Philippines, Phoenix Petroleum Philippines and Eastern Petroleum Corp. announced their respective price cuts.
The oil firms reduced kerosene prices by P0.85 per liter, gasoline by P0.55 to P0.60 per liter and diesel by P0.55 to P0.65 per liter.
Petron will rollback the following products effective 12:01 a.m. Oct. 20: P0.55 per liter for Blaze 100, XCS, Xtra Advance and Super Xtra, P0.60 per liter for Turbo Diesel and DieselMax, and P0.85 per liter for kerosene.
Eastern cut pump prices starting Monday 6 p.m. while others rolled back prices starting 12:01 a.m. and 6 a.m. Tuesday.
Fernando Martinez, Eastern Petroleum chairman and chief executive, said the latest price adjustments reflected the downward trend in world oil prices at the close of last week’s trading.
Some analysts forecast the reentry of Iranian crude to the market could push fuel prices to continue its downward trend for the rest of the year amid the price increases noted these days.
“Some are also expecting the oil price recovery to proceed at a measured pace along with a supply glut in petroleum products continuing through the first half of 2016,” Martinez said.
With the latest price cut, oil prices in Metro Manila now cost P24.60 to P28.05 per liter while gasoline sells from P35.35 to P42.85 per liter. Prices vary depending on the brand, location and market forces.
Last Oct. 13, the oil companies implemented an increase in diesel by P0.65 per liter, kerosene by P0.70 per liter and gasoline by P0.10 per liter.