Philippines Oil Price: Roll-back in Oil Cost

More oil companies imposed a 25-centavo rollback on their petroleum products on Tuesday.

Petron Corp., the country’s largest oil refiner, reduced prices of its gasoline and kerosene by P0.25 a liter at 6 a.m. Tuesday while the two other major players, Pilipinas Shell and Chevron Philippines (formerly Caltex), enforced the same price cut earlier –at 12:01 a.m. Monday.

Petron, Shell and Chevron comprise the so-called “Big Three,” which make up for 75 to 80 percent of all petroleum products sold in the domestic market.

Tuesday’s price tweak also pulled down the average retail price of fuel per liter in in Metro Manila to as follows: gasoline (unleaded), P41.75 and kerosene, P42.50. Diesel stands at P33.25.

Independent player Seaoil Philippines joined the oil giants’ price adjustment, implementing it at past midnight Tuesday. Earlier Seaoil shed P1 off per liter on all their fuel products as a one-day promo last Saturday.

Another small player, Eastern Petroleum Philippines, also reduced its retail prices of gasoline and kerosene by P0.25 effective 6 a.m. Tuesday while Flying V Philippines enforced a similar adjustment on Monday morning.

Local pump prices have actually yo-yoed during the entire month: the oil companies jacked up the retail prices of gasoline, diesel and kerosene by P0.50 last Sept. 7, and then rolled back gasoline and diesel prices by P0.25 a liter on Sept. 14.

The same oil firms raised gasoline and kerosene prices by P0.25 a liter and diesel by P0.50 a liter last week.

Oil firms said that this week’s price cut was a reflection of movements in international crude prices last week versus that of the previous week. (PNA)

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