The country’s oil firms cut the prices of gasoline and kerosene by P0.60 per liter and diesel by P0.30 per liter effective 6 a.m. Tuesday to reflect the movement of prices in the world oil market.
“Petron will implement the following price rollbacks effective 6 a.m. on June 6: P0.60 per liter for gasoline; P0.30 per liter for diesel and P0.60 per liter for kerosene. These reflect movements in the international oil market,” Petron Corp. said.
PTT Philippines, Cleanfuel, PetroGazz, Seaoil Philippines, and Chevron Philippines also cut their pump prices.
Department of Energy Director for the Oil Industry Management Bureau Rodela Romero said the oil firms rolled back pump prices based on the movement of the Mean of Platts Singapore, the benchmark used by oil importers.
She said oil prices slumped last week weighed down by supply risks and weak China’s economic data.
“On the supply side, KSA [Kingdom of Saudi Arabia] warned of further cuts but the outcome of the June 4 meeting remains uncertain after Russian Deputy Minister and OPEC+ negotiator said, he would not expect new production cuts from the meeting,” Romero said.
She said slower factory activity in China, which pointed to the sluggish recovery in the industrial sector after a year of lockdowns also affected oil prices.
Industry sources said last week gasoline will go down by P0.65 to P0.75 per liter and diesel by P0.30 to P0.40 per liter.
Domestic pump prices are adjusted weekly, but oil prices depend on the brand, location, and market forces.
On May 30, the oil companies implemented a per liter increase of P1.10 for gasoline while the price of kerosene dropped by P0.60 per liter.
There was no movement in the price of diesel.
These price adjustments resulted in a year-to-date net decrease for kerosene at P6.75 per liter, and a net increase of P6.10 per liter for gasoline.
Diesel remains at a net decrease of P5.05 per liter.