The country’s oil firms cut the price of kerosene by P0.40 per liter and diesel by P0.30 per liter effective 6AM Tuesday but did not move gasoline prices.
“Petron will implement the following price rollback effective 6 a.m. on Aug 17 – P0.30 per liter rollback for diesel; and P0.40 per liter rollback for kerosene,” Petron Corp., the country’s biggest oil firm said in a statement.
“These reflect movements in the international oil market,” Petron said.
Aside from Petron, Flying V, Cleanfuel, PetroGazz, Phoenix Petroleum, and Seaoil Philippines also cut pump prices.
Over the weekend, Unioil Petroleum Philippines said fuel prices will likely go down this week by P0.20 per liter for diesel and gasoline by P0.30 per liter.
This will be the second consecutive oil price rollback in domestic pump prices due to the global softening of world oil prices.
On August 10, the oil companies implemented a price decrease in domestic oil products, namely P0.65 to P0.80 per liter for gasoline, P0.70 per liter for diesel, and P0.75 per liter for kerosene.
These resulted in the year-to-date adjustments to stand at a total net increase of P13.25 per liter for gasoline, P10.40 per liter for diesel, and P8.70 per liter for kerosene.
A report by the International Energy Agency for August revealed that growth for the second half has been downgraded more sharply due to new COVID-19 restrictions imposed in several major oil consuming countries, particularly in Asia.
These restrictions will reduce mobility and oil use thus dampening demand.
IEA also said the recovery in global refinery activity slowed in July as new waves of COVID-19 cut into fuel demand while margins remained under pressure.