Oil prices to be cut Tuesday | Inquirer Business

Oil prices to be cut Tuesday

/ 08:05 PM October 06, 2014

MANILA, Philippines — Oil firms are cutting prices of fuel products for the second straight week as global supply remains stable.

Effective 12:01 a.m. Tuesday (October 7), Petron is cutting diesel and kerosene prices by P0.35 per liter, as well as gasoline prices by P0.15 per liter. “These reflect movements in the international oil market,” the country’s top oil player said in its official advisory.

ADVERTISEMENT

Shell, another major oil firm, is adjusting its prices at the same time. Shell said in an advisory that its rollback would reach P0.35 per liter for kerosene, P0.30 per liter for diesel, and P0.10 per liter for gasoline.

Seaoil has also announced it will cut diesel and kerosene prices by P0.35 per liter, as well as gasoline prices by P0.15 per liter, starting 12:01 a.m. Tuesday.

FEATURED STORIES

PTT Philippines has said it will adjust prices at 12:01 a.m. on Tuesday, as well, but only for diesel (P0.35 per liter) and gasoline (P0.15 per liter) since it does not carry kerosene products.

Phoenix Petroleum Philippines will implement the same adjustments as those of PTT Philippines but at a later time: 6 a.m. Tuesday.

Other firms have not made formal announcements but are expected to adjust prices similarly since most of the fuel products in the Philippines are imported and are thus vulnerable to similar supply-demand and foreign exchange forces.

Year-to-date total adjustment for gasoline was at a net decrease of P2.28 per liter while prices for diesel were at a net decrease of P4.15 per liter.

Low oil prices, analysts said, were due to the combined effects of stable global supply, U.S. dollar (which has made buying commodities cheaper), and lower demand among fuel-guzzling economies such as the U.S. (which has recently started tapping its own oil and gas fields).

Brent crude, the global benchmark, has dropped around 20 percent in the past quarter after breaching the $100-per-barrel level in June, industry observers said.

The extended oil price cuts are driven by demand uncertainty in the international oil market amid a still fragile world economy — prompting some oil producing countries to consider cutting back on output to defend prices at $100 per barrel.

ADVERTISEMENT

RELATED STORIES

Oil prices slip on increased supply, strong dollar

Oil firms to cut prices Tuesday

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, fuel, oil and gas, oil price rollback, petroleum products, Petron, Phoenix Petroleum Philippines, price cuts, PTT Philippines, Seaoil, Shell
For feedback, complaints, or inquiries, contact us.
Your subscription could not be saved. Please try again.
Your subscription has been successful.

Curated business news

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.



© Copyright 1997-2023 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.