The country’s oil firms rolled back the price of diesel by P0.25 per liter and kerosene by P0.15 per liter effective 6 am Tuesday to reflect the movement of prices in the world oil market.
The oil firms did not move gasoline prices.
“Petron Corp. will implement the following price rollbacks effective 6 a.m. on Oct. 27: P0.25/li for diesel; and P0.15/li for kerosene. These reflect movements in the international oil market,” Petron said in its media advisory.
Aside from Petron, Pilipinas Shell Petroleum Corp., Seaoil Philippines Inc., PTT Philippines, Cleanfuel Group of Companies, Petro Gazz also cut pump prices.
A report by Bloomberg over the weekend revealed that oil prices declined amid additional output coming from Libya. Global oil demand has been severely dampened by the coronavirus pandemic.
Delays in the stimulus bill in the US which could help spur economic recovery and oil demand also affected oil prices.
On October 20, the oil companies cut the price of gasoline by P0.25 per liter but increased the price of diesel and kerosene by P0.25 per liter and P0.20 per liter, respectively.
Prior to the latest rollback, total year-to-date adjustments to stand at a net decrease of P4.67 per liter for gasoline, P10.01 per liter for diesel, and P13.44 per liter for kerosene.