MANILA, Philippines – Local oil firms are slashing prices of fuel products on Tuesday (Nov. 25) to reflect the continued softening of prices of crude oil and petroleum products in the world market.
Pilipinas Shell Petroleum Corp. and Petron Corp. are cutting prices of gasoline and diesel by 90 centavos a liter, and of kerosene by P1.05 a liter, effective 12:01 a.m. Tuesday. Phoenix Petroleum Philippines, meanwhile, is implementing the same fuel price rollback for gasoline and diesel starting 6 a.m. on Tuesday.
Prior to Tuesday’s price adjustments, diesel has been retailing for P34.40 to P37.75 a liter, while gasoline was being sold at P43 to P49.10 a liter.
Last week, most of the oil companies implemented a price rollback of 80 centavos a liter for gasoline; 50 centavos a liter for diesel; and 35 centavos a liter for kerosene. This had brought total net decrease in the prices of gasoline and diesel to P7.34 a liter and P8.48 a liter, respectively, as of Nov. 18 2014.
Based on a report from the Department of Energy, crude oil prices slumped by about five percent during the November 10 to 14 trading days, falling to four-year lows by the end of the week, with the Dubai crude along with benchmarks Brent and WTI (West Texas Intermediate), crashing below $80 a barrel.
For the same period, the Dubai crude fell week-on-week by $2 a barrel, while the prices of gasoline and diesel based on the Mean of Platts Singapore, declined by about $2.70 and $1.40 a barrel, respectively.
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