Oil firms roll back fuel prices Tuesday

Oil prices continued to fall as a nuclear deal seemed likely with Iran, boosting expectations this could revive oil exports in an already well-supplied market.

Petron, Shell and Seaoil said in separate announcements they would roll back gasoline prices by 55 centavos per liter, diesel by P1.50 per liter and kerosene by P1.60 per liter at 12:01 a.m. Tuesday.

Phoenix Petroleum and PTT Philippines said they would adopt similar price cuts for gasoline and diesel at 6 a.m., also on Tuesday.

Minor oil player Eastern Petroleum Corp. announced cuts in gasoline and diesel prices by 60 centavos and P1.50, respectively, from 6 p.m. Monday.

Eastern chair and CEO Fernando L. Martinez said local pump prices were reduced as predicted with the downtrend of prices in the world market due to geopolitical factors.

“If this downtrend continues, this will augur well for the Philippine economy and in meeting the government’s inflation target of below two percent for the year,” he said.

The price rollback added momentum to recent consecutive decreases. Gasoline prices have fallen by P4.49 per liter since January while diesel prices have dropped by P2.26 per liter.

LPG has had a net decrease of P7.05 per kilogram.

Oil prices fell on expectations of a deal between Iran and six world powers to lift or ease sanctions against Iran in return for curbs in its nuclear program.–Riza T. Olchondra