Oil companies such as Petro Gazz, Seaoil Philippines, Total Philippines, Chevron Philippines, Pilipinas Shell Petroleum Philippines and PTT Philippines rolled back pump prices by P1 per liter for diesel and P0.80 per liter for gasoline effective Tuesday to reflect the movement of world oil prices.
“Please see fuel price change. Rollback of Shell effective 6 a.m. Oct. 8, gasoline by P0.80 per liter, kerosene by P1.15 per liter and diesel by P1 per liter,” Shell said in its advisory.
World oil prices declined amid concerns of a global economic slowdown. Analysts reacted to the report of the World Trade Organization which slashed trade growth forecasts this year and 2020 due to the US-China trade tensions and global economic slowdown.
Prices were also affected by the report of the Energy Information Administration of a higher inventory build-up during the end of September.
Cleanfuel and Phoenix Petroleum Philippines were among the first to announce the price rollback of P1 per liter for diesel and P0.80 per liter for gasoline over the weekend.
Phoenix implemented its price cut starting 6 a.m. Saturday while rolled back prices at 4:01 p.m. Sunday to reflect the movement of world oil prices.
Oil companies usually adjust pump prices every Tuesday but some companies implement the adjustment earlier.
This is the second consecutive oil price rollback as oil firms cut the price of gasoline by P1.45 to P1.55 per liter and diesel by P0.50 to P0.60 per liter from Sept. 29 to Oct. 1.
Meanwhile, the Energy Department has yet to respond whether they have received the explanation of 13 oil companies issued show cause orders last week.
The oil firms were given until Monday to explain why their oil price rollback was lower than government computations and why their increase in the price of cooking gas was higher than expected.
Energy Secretary Alfonso Cusi earlier said the show cause orders would provide the companies the opportunity to explain how they arrived at their respective oil price rollback calculations.