Seaoil Philippines led the new round of oil price rollbacks effective Saturday, cutting as much as P1 per liter.
On Friday, Seaoil announced it will cut the prices of gasoline, diesel and kerosene by P1 per liter, respectively effective 6 a.m. Dec. 22.
“This is to reflect movements in the international petroleum market,” the oil firm said.
Last Dec. 18, the oil companies also implemented a price cut of P0.10 to P0.15 per liter for gasoline, P0.25 per liter for kerosene, and P0.25 to P0.35 per liter for diesel.
Prior to Seaoil’s rollback, total year-to-date adjustments for gasoline reached a net decrease of 10 centavos per liter. Diesel posted a net increase of P1.25 per liter, same with kerosene at P0.83 per liter.
According to the Department of Energy, the US Energy Information Administration forecasts world oil prices to average at about $54 to $61 per barrel.
The DOE said the US EIA expects the price drops, coupled with the production cuts of the Organization of Petroleum Exporting Countries, will bring next year’s supply and demand numbers into balance.
US oil production is forecasted at an average of 12.06 million barrels per day next year, but the uncertainties in the global economy from the US-China trade war could impact consumption, thus affecting oil prices.