Oil companies cut pump prices by as much as P1.90 per liter effective Saturday to reflect the movement of world oil prices in the domestic market.
The oil firms cut the price of kerosene by P1.90 per liter, diesel by P1.80 per liter and gasoline by P1.30 per liter.
Seaoil Philippines, PetroGazz and Phoenix Petroleum Philippines announced their respective price cuts.
“To provide motorists with cheaper fuels going into the New Year, Phoenix Petroleum Philippines will decrease the prices of gasoline by P1.30 per liter and diesel by P1.80 per liter effective 6 a.m. of 29 December 2018,” Phoenix Petroleum said.
Oil prices declined due to the strengthening of the peso, oversupply concerns, and US stock market, an industry source said earlier.
Last Dec. 22, the oil firms also cut the price of gasoline and diesel by P1 per liter and on
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.
According to the Department of Energy, the US Energy Information Administration forecasts world oil prices to average at about $54 to $61 per barrel.
DoE said the EIA expected the price declines coupled with the production cuts of the Organization of Petroleum Exporting Countries would 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.
READ: Oil companies adjust prices of gas, diesel