The country’s oil firms reduced prices by as much as P1.45 per liter to reflect the softening world oil prices.
Pump prices of gasoline went down by rates ranging from P1 to P1.10 per liter, kerosene by P1.25 per liter and diesel by P1.45 to P1.50 per liter.
Eastern Petroleum Corp. cut prices starting 6 a.m. Monday but the other companies slashed prices starting 12:01 a.m. Tuesday.
Fernando Martinez, Eastern Petroleum chairman and chief executive attributed the latest price cut to the continuous downtrend in world oil market following the lifting of sanctions on Iran’s export.
“Analysts even forecast the lifting of sanctions on Iran would result in a further downward pressure on oil and commodities in the near term,” Martinez said.
Pilipinas Shell Petroleum Corp., Petron Corp., PTT Philippines, Seaoil Philippines, Phoenix Petroleum Philippines, among others issued their respective price advisories.
“Petron will implement the following price rollbacks effective 12:01 a.m. January 19. Blaze 100, XCS, Xtra Advance and SUper Xtra by P1 per liter, Turbo Diesel and DieselMax by P1.45 per liter and kerosene by P1.25 per liter. These reflect movements in the international oil market,” the country’s biggest oil firm said.
World oil prices have been going down this January, pulling a low of $27 per barrel due to fresh concerns over China’s economy that added to persistent reports of huge storage overhangs, near-record production and slowing demand that have already dragged prices lower.
Reports of an increase in US petroleum stockpiles also pulled down prices.
Diesel prices in Metro Manila now range from P17.78 to P21.60 per liter while gasoline ranges from P32.20 to P39.55 per liter.
Last Jan. 12, most oil firms also implemented price rollbacks of P0.10 per liter for gasoline and P0.70 per liter for both diesel and kerosene.