Oil firms to reduce per liter prices of diesel by Php0.90, gas by Php0.40

By , on August 3, 2015

Winter at gas plant (ShutterStock image)
Winter at gas plant (ShutterStock image)

MANILA, Aug. 3 (PNA) — Most oil firms will reduce diesel prices per liter by Php0.90 centavos and gasoline by Php0.40 centavos on Tuesday.

In separate advisories, Pilipinas Shell Petroleum Corporation (PSPC), Phoenix Petroleum Philippines, Seaoil Philippines Inc. (SPI), and PTT Philippines said Monday they will rollback diesel and gas prices.

Petron Corporation will also lower its diesel prices by Php0.90 centavos per liter, and will cut gasoline products by Php0.45 centavos.

Shell, Seaoil and Petron will implement the rollback on August 4 at 12:01 a.m., while Phoenix Petroleum, PTT Philippines said they will apply the new rates at 6:00 a.m, Tuesday.

PSPC, Seaoil and Petron added they will slash the prices of their kerosene products by Php0.70 centavos per liter.

Eastern Petroleum, on the other hand, has reduced its prices bigger than the other firms. It cut diesel prices by Php1.00 per liter, while it rolled back gasoline by Php0.50 centavos effective at 6:00 p.m., August 3.

Phoenix Petroleum noted this is the seventh consecutive week that there was a price cut.

Phoenix further said that the price changes was due to the continued downward movement in the prices of petroleum products in the international market.

Eastern Petroleum president and chief executive officer Fernando Martinez explained that the “oversupply situation and continuous downward trend in world oil prices pressure local pump prices to go down further.

Analysts also believe world oil prices will rebound towards the end of the year at an average of US$ 60 to US$ 69 per barrel.”

As of July 21, according to the Department of Energy’s (DOE’s) oil price monitor, a liter of diesel has a prevailing price between Php25.90-29.15 in Metro Manila. It also has a common price of Php26.65 per liter.

Gasoline, on the other hand, has a prevailing price of Php39.70-45.95 per liter, also in the National Capital Region. However, it has a common price of Php44.45 per liter.