Oil players rolled back pump prices effective Tuesday by as much as P0.85 per liter, ending weeks of price hikes.
The oil firms cut the price of kerosene by P0.85 per liter, gasoline by P0.50 per liter and diesel by P0.40 per liter to reflect the movement of world oil prices.
“Petron will implement the following price rollbacks effective 6 a.m. October 10: P0.50/li for Blaze 100 Euro 6, XCS, and Xtra Advance, P0.40/li for Turbo Diesel and DieselMax, and P0.85/li for kerosene. These reflect movements in the international oil market,” Petron Corp. said.
Other oil firms also issued separate advisories on the rollback namely Pilipinas Shell Petroleum Corp., Eastern Petroleum Corp., PTT Philippines, Phoenix Petroleum Philippines, Seaoil Philippines, Flying V, among others,
The Energy department, in its monitoring report, attributed the price cut to the rise in US drilling and higher Opec output.
US drillers added 6 oil rigs bringing the total count to 750 triggering renewed concerns of oversupply.
It said global supplies rose while Asian gasoline market fundamentals remained in balance.
“Analyst had been expecting a modest 1.5 million barrel build if the Energy International Agency report confirms a rise in gasoline stocks,” the department said.
The department stringently monitors oil trading in the international market and analyzes its effects on the domestic prices of petroleum products as mandated by the Oil Deregulation Law of 1998.
Last Oct. 3, the oil firms raised diesel and kerosene prices by P0.55 per liter and gasoline by P0.25 per liter.
The country’s oil firms also raised prices of diesel and kerosene by P0.45 per liter and P0.65 per liter, respectively last Sept. 26.
Adjustments on petroleum products are implemented every Tuesday of the week. Note, however, that these findings may still be affected by the Friday trading activities which will be accessed on Monday.
The department also encouraged the public to stay vigilant and report to the DOE Consumer Welfare Promotion Office any violation of the law, rules and regulations by the petroleum products suppliers (i.e. quality and/or safety issues).