MANILA – Most oil firms will reduce pump prices Tuesday, still due to continuing oil glut in the international crude market and peso depreciation.
In separate advisories Monday, Pilipinas Shell Petroleum Corp. and Phoenix Petroleum Philippines said they will rollback gasoline prices by 60 centavos per liter and diesel prices by 90 centavos per liter.
Shell also noted it will slash kerosene prices by 90 centavos per liter.
On the other hand, independent firm Eastern Petroleum will decrease diesel prices by 95 centavos per liter and gasoline prices by 60 centavos per liter.
Eastern Petroleum will apply the price movements at 6:00 p.m., Monday.
Phoenix Petroleum explained the downtrend of oil prices was caused by the continuing glut in the global oil market and the depreciation of the Philippine peso.
Meanwhile, Eastern Petroleum chairman and chief executive Fernando Martinez said analysts are unable to project the long-term prices of oil, adding they expect prices “will continue to defy experts’ expectations.”
According to the Department of Energy’s (DOE’s) oil monitor for Metro Manila as of Jan. 20, diesel has a price range of PHP18.45-21.65 per liter. It has a common price of PHP20.20 per liter.
On the other hand, gasoline prices range from PHP32.15-39.95 per liter, with a common price of PHP37.10 per liter.