The oil firms cut pump prices by as much as P0.50 per liter effective 6am today to reflect the movement of price in the world oil market.
The oil firms cut the price of diesel and kerosene by P0.50 per liter and gasoline by P0.20 per liter in the wake of concerns the ongoing conflict in the Middle East could cause supply disruption.
The tightness in supply in Asia due to refinery turnarounds, unplanned shutdowns and refinery run cuts also pushed prices downward, Jetti Petroleum president Leo Bellas said.
Seaoil Philippines, Cleanfuel, PetroGazz, Jetti Petroleum and Chevron Philippines issued separate advisories of the oil price rollback while other companies are expected to follow.
Department of Energy director Rodela Romero said areas declared under the state of calamity will not have a price increase.
She said a price freeze for household liquefied petroleum gas or LPG and kerosene will be implemented for 15 days starting from the date of the official declaration of the state of calamity.
Romero said last week prices of petroleum products will have a mixed movement.
Romero said gasoline may have price rollback of P0.20 per liter to an increase of P0.20 per liter, diesel may have a price rollback of P0.10 per liter to an increase of P0.30 per liter and kerosene will have an increase of P0.20 to P0.30 per liter.
She said several factors contribute to the possible price rollback, specifically weaker demand in China and US; surprise build in US stocks; and geopolitical risks stabilizes with the resumption of talk on ceasefire.
On Oct. 15, 2024, 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 while kerosene has a total net decrease of P2.75 per liter.
