OIL firms are set on rolling back prices of fuel products by P1.05 per liter and diesel by 15 centavos per liter today. Petron Corp., Pilipinas Shell Petroleum Corp. (PSPC), Phoenix Petroleum Philippines, PTT Philippines and Seaoil Philippines Inc. (SPI) were to cut gasoline prices by P1.05 per liter and diesel prices by 15 centavos per liter.
The new prices were to take effect after 12 midnight, except for Phoenix Petroleum Philippines and PTT Philippines that announced they will decrease theirs at 6 am today.
PSPC and SPI were also to reduce pump prices of kerosene by 20 centavos. Eastern Petroleum cut pump prices of gas by P1.05 and diesel by 20 centavos at 6 pm yesterday. According to the Department of Energy’s (DOE’s) June 23 oil monitor, gas played between P42.20-47.85 per liter. Most stations offered at P46.95.
Diesel, on the other hand, is offered between between P28.70-31.95 per liter. It has a common price of P29.80. Eastern Petroleum said the price decrease was due to the weaker demand of international petroleum products last week compared to the previous week.
Other firms said this week’s price changes reflect international oil movements. The Philippines mostly sources its oil from the Middle East, having supplied over 37.10 million barrels or 57.1 percent of its total oil imports last year.
During the third quarter of 2014, oil prices plunged brought by the increased shale oil production from North America. The lower prices of shale were matched by the Organization of Petroleum Exporting Countries (Opec) – which intended to keep its market share – even at low prices. –pna
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