Local oil prices cut anew

INQUIRER FILE PHOTO

MANILA, Philippines—Oil firms are implementing price rollbacks again as a supply glut combined with weak demand continues to hound the international market.

In separate advisories, oil firms said they would implement price adjustments after midnight. By 12:01 a.m. Saturday, local pump prices of gasoline, diesel, and kerosene will be reduced for the fourth straight week.

Petron, Chevron, and Seaoil will cut prices by P1.65 per liter for gasoline, P1.30 per liter for diesel, and P1.30 per liter for kerosene.

Thai-led PTT Philippines said it would implement similar rollbacks on gasoline and diesel.

Shell will reduce prices by P1.55 per liter for gasoline, P1.30 per liter for diesel, and P1.30 per liter for kerosene.

Other firms 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 P5.13 per liter while prices for diesel were at a net decrease of P7 per liter.

Lower energy demand worldwide has translated to downward price pressures over the past few weeks.

Analysts said that price cuts were inevitable with feeble growth in demand from giant commodity consumers such as the US (which has taken to producing its own fuel) and European countries such as Germany. Riza T. Olchondra

 
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