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Wednesday, June 19, 2024

Oil firms reverse gears, cut prices

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The country’s oil players rolled back pump prices by as much as P0.85 per liter over the weekend, ending several weeks of consecutive price hikes.

Petron Corp. announced a price cut of P0.85 per liter for gasoline, P0.65 per liter for diesel and P0.20 per liter for kerosene effective 6 am Monday.

“These reflect movements in the international oil market,” Petron said.

Petron’s announcement followed the price advisory of Phoenix Petroleum Philippines late Friday of a price rollback of P0.80 per liter for gasoline and P0.60 per liter for diesel effective 12:01 am Oct. 13. Pilipinas Shell followed suit.

Last Oct. 9, the oil companies implemented a  per liter price increase of P1 for gasoline, P1.35 for kerosene and P1.45 for diesel.

Year-to-date total adjustments stand at a net increase of P10.55 per liter for gasoline, P11.50 per liter for diesel and P10.50 per liter for kerosene.

As of Oct. 9, gasoline sells from P53.55 to P61.35 per liter while diesel sells from P47.05 to P56.35 per liter. Kerosene is sold from P51.17 to P61.30 per liter.

World oil prices have been affected by reports of lower demand for 2019 due to a weaker economic outlook, trade concerns, high oil prices amid increased refinery capacity additions, among others.

SEE: Higher oil price

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