OIL prices went down by as much as P0.85 per liter starting Tuesday to reflect the softening of oil prices in the world market.
The oil firms cut the price of kerosene by P0.85 per liter, diesel by P0.75 per liter and gasoline by P0.10 per liter amid the ongoing supply glut in the market.
Among the oil firms that issued advisories were Pilipinas Shell Petroleum Corp., PTT Philippines, Seaoil Philippines, Eastern Petroleum, Phoenix Petroleum, among others.
“Phoenix Petroleum will decrease for the sixth consecutive week the prices of gasoline by P0.10 per liter and diesel by P0.75 per liter effective 6 a.m. of August 9,” it said.
World oil prices declined in the past several weeks amid worries over global oil supply glut.
The department said reports of rising supplies were combined with weak demand, as holiday driving season in the US comes to an end and that heavy rainfall reduced domestic demand for oil products in China.
US and China are the world’s biggest oil consumers.
Platts, meanwhile noted that the Asian gasoil/diesel market continued to fall due to weak regional demand and less opportunity to trade with the West market, which kept surplus barrels trapped in the region.
Last August 2, the oil firms cut diesel prices by P0.90 per liter, gasoline by P0.75 per liter and kerosene by P0.90 per liter.