INQUIRER FILE PHOTO
MANILA, Philippines–Oil firms implemented price cuts for gasoline and a slight hike for kerosene Tuesday as global fuel supplies remained stable.
In separate advisories, Petron, the country’s top oil firm, and independent player PTT Philippines lowered gasoline prices by 35 centavos per liter and raised kerosene prices by 10 centavos per liter starting 12:01 a.m. Tuesday.
Major oil firms Shell and Chevron, as well as Seaoil, one of the larger independent oil players, implemented a 30-centavo-per-liter rollback for gasoline and a 10-centavo-per-liter hike for kerosene, also starting 12:01 a.m. Tuesday. Independent oil player Phoenix Petroleum said it would make similar adjustments as Shell at 6 a.m. Tuesday.
The price cut is the second weekly decline for gasoline. But there will be no adjustment on diesel prices, the oil firms said.
Other oil firms have not announced price adjustments, but are expected to follow suit since most of the country’s fuel sources are imported and are vulnerable to price shocks.
According to analysts, prices retreated slightly on Friday but there remains a so-called risk premium (an upward pressure on fuel prices) because of fears oil production and deliveries might be disrupted anytime by the conflicts and rising tensions in Ukraine and the Middle East.
Since summer, sectarian violence in northern Iraq fueled price speculation even though the country’s oil wells in the southern regions remained largely unaffected.
Including the price movements this week, the year-to-date total adjustments stand at a net decrease of P2.65 per liter for diesel and a net increase of 45 centavos to 50 centavos per liter for gasoline.