A Caltex station in Las Piñas City is show in this photo taken on Sept. 9, 2012. Local oil companies including Chevron (which operates Caltex gas stations) are slashing prices of petroleum products effective Tuesday, Sept. 25, 2012, to reflect the uptrend of oil prices in the global market. PHOTO BY RICK ALBERTO
MANILA, Philippines—Local companies are slashing prices of petroleum products effective Tuesday to reflect the uptrend of oil prices in the global market.
Pilipinas Shell Petroleum Corp., Petron Corp., Chevron Philippines and Seaoil Philippines have slashed prices of regular gasoline by P1.40 a liter, kerosene by P1.20 a liter, premium gasoline by 80 centavos a liter, and of diesel by 65 centavos a liter.
Independent player Eastern Petroleum also implemented a rollback of P1 a liter for regular gasoline, 90 centavos a liter for kerosene, 65 centavos a liter for diesel and 80 centavos a liter for premium gasoline.
Energy Secretary Jose Rene D. Almendras has admitted that while the latest price adjustment are good developments that he hopes would continue, he remains worried for the future of fuel prices given the shift in the global situation and the continued tensions in the Middle East.
Prices of Dubai crude fell to $105 per barrel as of September 20 from $114 a barrel on September 13.
Meanwhile, the price of unleaded gasoline based on the Mean of Platts Singapore (MOPS) benchmark for refined petroleum products also fell to $123 a barrel as of September 20 from $128 a barrel on September 13. MOPS-based diesel prices similarly fell to $128 a barrel from $135 a barrel during the same period.
Prior to this week’s adjustments, the local prices of diesel ranged from P43.20 a liter to P46.05 a liter while gasoline products were selling for anywhere between P50.70 a liter and P58.57 a liter.
As of September 18, the year-to-date net increase in gasoline prices stood at P3.43 a liter, while movements in diesel prices have resulted in a net reduction of P1.47 a liter since the year started.