Quantcast
Latest Stories

Big oil firms announce uniform gasoline, diesel price cuts

By

FILE PHOTO

MANILA, Philippines—Oil companies said separately on Friday that they will have lowered gasoline and diesel prices by early Saturday morning to reflect softer prices in the international market.

Petron, Shell, Chevron and Seaoil will reduce gasoline prices by P1.70 per liter and diesel prices by P0.25 per liter.

They said this would reflect “international price movements” in the commodity.

As of presstime Friday night, the other oil companies had yet to announce any planned price adjustments. But oil firms operating in the Philippines tend to impose uniform price movements since the country imports about 90 percent of its fuel requirements.

Industry experts earlier said that while international prices were on a higher trend last week because of higher global demand and political volatility in the oil-producing regions, there has been some price resistance in the domestic market because of the price increases imposed recently.

In the month of July alone, pump prices were increased four times and rolled back just once, not including this latest price drop.

The oil companies cited foreign exchange and international product price movements for the price increases.

Business leaders said entrepreneurs will bear the impact for now and expressed the hope that such price spikes are just temporary reactions to the volatile situation in Egypt.

Energy experts explained that when price hikes reach certain levels, price resistance sets in. Since the price increases of the last few weeks were substantial, traders cashed in on their gains with more sales, neutralizing projected higher demand and prices this week.

Since the Philippines imports more than 90 percent of its fuel products and because the local market is very small in relation to the global oil trade, anything from foreign exchange movements to political developments and global price speculation still greatly influence local prices.

For example, while Syria and Egypt are not oil producers, fears of a spillover of the disturbances into oil-producing countries tend to spook markets, driving prices up.

Industry experts said gasoline is also vulnerable to higher demand during the summer driving season in the United States, the world’s top gasoline consumer, and continued economic growth in the No. 2 consumer, China.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: chevron , diesel , Gasoline , gasoline consumer , gasoline prices , Oil companies , oil firms , Petron , Seaoil , Shell

  • eight_log

    THIS NO LESS THAN A CARTEL HEADED BY DOE … PAGPATAAS DOE ANG NAGUNGUNA … PAGPABABA … HINTAY NG DOE ANG MGA OIL COMPANIES!!!!!

  • Pong_Je

    With this kind of talking, we never can’t discount price fixing among these companies.



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Nebraska toddler gets stuck inside claw machine
  • Philippine eagle rescued by Army turned over to DENR
  • Gunmen attack Iraq military base, kill 10 soldiers
  • South Korea president shouted down by distraught parents
  • Classmates celebrating 60th birthday among missing in ferry sinking
  • Sports

  • Nadal passes clay landmark with 300th victory
  • Wawrinka waltzes through with Monte Carlo walkover
  • Power Pinays smash India in Asian Women’s Club volleyball opener
  • PH youth boxers off to stumbling start in AIBA World tilt
  • Durant has 42, Thunder beat Pistons 112-111
  • Lifestyle

  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • This is not just a farm
  • Clams and garlic, softshell crab risotto–not your usual seafood fare for Holy Week
  • Moist, extra-tender blueberry muffins
  • Entertainment

  • Jones, Godard, Cronenberg in competition at Cannes
  • Will Arnett files for divorce from Amy Poehler
  • American rapper cuts own penis, jumps off building
  • Jay Z to bring Made in America music fest to LA
  • Why Lucky has not bought an engagement ring for Angel
  • Business

  • Total says makes ‘very promising’ oil find off Ivory Coast
  • ‘Chinese Twitter’ firm Weibo to go public in US
  • World stocks subdued, Nikkei flat on profit taking
  • Asia stocks fail to match Wall Street gains
  • Fired Yahoo exec gets $58M for 15 months of work
  • Technology

  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Filipinos #PrayForSouthKorea
  • Taylor Swift tries video blogging, crashes into fan’s bridal shower
  • DOF: Tagaytay, QC best at handling funds
  • Smart phone apps and sites perfect for the Holy Week
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Malaysia quarantines 64 villagers over MERS virus
  • DFA: 2 Filipinos survive Korean ferry disaster
  • PH asks airline passengers to check for MERS
  • Syria most dangerous country for journalists, PH 3rd—watchdog
  • Japan says visa-free entry still a plan
  • Marketplace