The country’s oil firms raised the price of gasoline by P0.25 per liter effective 6 a.m. Tuesday but cut the price of diesel and kerosene by P0.10 and P0.40 per liter, respectively.
“Petron will implement the following price adjustments effective 6 a.m. tomorrow, October 15: P0.25/li increase for gasoline; P0.10/li rollback for diesel; and P0.40/li for rollback for kerosene. These reflect movements in the international oil market,” the country’s biggest oil company said in its advisory.
Aside from Petron, Pilipinas Shell Petroleum Corp., Chevron Philippines, PTT Philippines, Seaoil Philippines, Phoenix Petroleum Philippines, Unioil Philippines, Total Philippines also adjusted prices while other companies are expected to follow.
World oil prices declined last week amid the worsening US-China trade war which could impact of global oil demand. Geopolitical tensions in the Middle East tempered the price decline.
The world oil market also reacted to the report of the US Energy Information Agency which revised its oil price forecast to $57 per barrel in the second quarter next year. It also estimates a lower crude production for 2019 to 29.8 million barrels per day from 31.9 million barrels per day in 2018.
Last Oct. 5, 6 and 8, most of the oil companies implemented a price rollback of P0.80-P0.85 per liter for gasoline, P1 per liter for diesel and P1.15 per liter for kerosene amid indications of a slowdown in US economic growth and weak earnings in Europe.
Year-to-date adjustments stand at a net increase of P5.86 per liter for gasoline, P4.12 per liter for diesel and P1.21 per liter for kerosene.