AP FILE PHOTO
MANILA, Philippines—Motorists are in for a cheerful ride during the long weekend as the oil companies have slashed pump prices nationwide, including in disaster-torn Cebu and Bohol.
Price cuts nationwide (except in Cebu and Bohol) were as follows: gasoline, 40 centavos per liter; kerosene, 45 centavos per liter; and diesel, 50 centavos per liter.
In Cebu and Bohol, the oil firms adjusted pump prices as follows: gasoline, 20 centavos per liter; kerosene, 10 centavos per liter; and diesel, 50 centavos per liter.
The two quake-stricken provinces were spared last week’s price hikes for gasoline and kerosene.
Shell, Petron, Seaoil and PTT Philippines said in separate advisories that they will have implemented the price rollbacks starting at 12:01 a.m. today.
The other oil firms have not announced any price adjustments but are expected to impose similar price cuts within the week. The oil companies tend to track each other’s prices as nearly all of the country’s fuel products are imported.
Year-to-date, net increases in gasoline prices stood at P0.74/liter while diesel prices stood at P2.28/liter.
According to the Department of Energy’s Oil Monitor as of Oct. 22, oil prices see-sawed during the trading week as reports of rising stockpiles in the United States and weak payroll data indicated weak demand in the world’s No. 2 oil consumer, after China. Adding to volatility was some price support on continued speculation over the Syrian crisis.
The weak dollar at Friday’s close amid lower orders for US durable goods and a disappointing job creation report during the week also made greenback-priced commodities, such as oil, cheaper.
The Oil Monitor also noted some slowdown in the Asian gas oil/diesel market on expectations of softer demand in November.