The oil firms cut pump prices by P0.50 per liter for gasoline, P0.70 per liter for diesel and P0.85 per liter for kerosene effective 6am Tuesday due to de-escalating tensions in the Middle East and potential crude supply surplus early next year.
Seaoil Philippines, Cleanfuel, PetroGazz, Jetti Petroleum and Chevron Philippines issues separate advisories of the oil price rollback to reflect the movement of prices in the world oil market.
The actual rollback was lower than Friday’s estimates of P0.50 to P0.75 per liter for gasoline, P1 to P1.15 per liter for diesel and P0.90 to P1 per liter for kerosene.
Department of Energy director for the oil industry management bureau Rodela Romero said last week several factors moved oil prices downward including the anticipated slowdown in oil demand growth in 2025 due to vehicle efficiency upgrades and China’s slowing economy.
Last Oct. 15, the oil companies implemented an increase of P2.60 to P2.65 per liter for gasoline, P2.70 per liter for diesel and P2.60 per liter for kerosene.
Year-to-date total adjustment of gasoline and diesel stands at a net increase of P9.05 per liter and P6.75 per liter, respectively. On the other hand, kerosene has a total net decrease of P2.75 per liter.
Retail prices of petroleum products in the National Capital Region for Oct. 8 to Oct. 14 range from P46.40 to P69.95 per liter and gasoline from P49.10 to P84.87 per liter.
