MANILA, Philippines — Oil prices are going down again after a blip last week as the international market continues to show weakness.
In separate advisories, major oil firms Petron, Shell, and Chevron have announced cutting prices of gasoline by P1 per liter, diesel by P0.35 per liter, and kerosene by P0.15 per liter at 12:01 a.m. Tuesday, November 11.
Seaoil has announced it will impose similar adjustments from 12:01 a.m., Tuesday, “to reflect movements in the international petroleum market,” the fuel retailer said in an announcement.
PTT Philippines will roll back gasoline prices by P1 per liter and diesel by P0.35 per liter from 12:01 a.m. on Tuesday.
Phoenix Petroleum will impose similar adjustments as PTT Philippines but from 6 a.m. Tuesday.
Based on data from the Department of Energy’s weekly “Oil Monitor” report, the year-to-date total adjustments for gasoline and diesel stand at net decreases of P6.54 per liter and P7.98 per liter, respectively.
Oil prices have been declining for most of the year with the occasional hike (such as last week’s increase) breaking the flow now and then.
Countries exporting oil have yet to act with production restrictions to defend prices, allowing them to languish around $80 to $90 per barrel from $100 per barrel previously.
Analysts attributed the price downtrend to growing global oil production, particularly in the U.S. — which until recently relied more on imports rather than domestic supply — and weak demand in feeble Western economies, which were traditionally the big oil guzzlers.