DOMESTIC oil prices declined by as much as P0.50 per liter starting Tuesday, ending three consecutive weeks of price increases.
Pilipinas Shell Petroleum Corp., PTT Philippines, Eastern Petroleum Corp., Flying V, Phoenix Petroleum Philippines, Seaoil Philippines and Unioil Philippines issued separate announcements of the price rollback of P0.50 per liter for diesel and P0.35 per liter for kerosene.
The oil firms, however, did not move gasoline prices. Seaoil said the latest price rollback reflect the movement in the international petroleum market.
The Energy Department’s latest monitoring showed that prices declined due to oversupply of diesel while market sentiment has been affected by the opposing views of Russia and Saudi on the production cut.
Oil prices went up in the past three weeks due to speculations of a possible production cut during the Organization of Petroleum Exporting Countries or Opec and non-Opec meeting this month.