(Eagle News) – Today and tomorrow, oil firms implement its seventh price rollback on petroleum products as global crude prices continued to go down.
The prices of diesel were reduced by as much as P2.20 to P2.30 per liter, while that of gasoline were cut by P1.10 per liter. The price of kerosene, on the other hand, was reduced by a hefty P2.10 a liter.
Phoenix Petroleum led the price cuts adjusting their prices as early as Saturday, followed by Seaoil which cut their prices on Sunday, and Jetti Petroleum which implemented the rollback on Monday.
Other big players Caltex, Pilipinas Shel and PTT Philippines, will implement their price cuts tomorrow, Tuesday, Nov. 27.
Because of this, the prices of diesel have been reduced to around P40 per liter, or in some places, particularly in Malolos, Bulacan to as low as P38 per liter because of the intense competition of gasoline stations in the area.
Gasoline, on the other hand, has prices ranging from P45 to around P50 per liter.
In sum, or if the previous price cuts will be added up, this seventh consecutive rollback on the prices of petroleum products has slashed prices of diesel by a total of P8.30 to P8.55 per liter, gasoline by P9.80 to P10.50 per liter and kerosene by P7.15 per liter.
Oil prices went down on Friday at lows not seen for more than a year.
The commodity has plunged by about a third from its four-year highs touched at the start of October owing to a range of issues, including a global slowdown, the trade row, rising supplies, softer-than-expected US sanctions on Iran, a stuttering China and strong dollar.
The retreat comes ahead of a meeting of the Organization of the Petroleum Exporting Countries on December 6.
Friday’s hammering on prices saw the WTI or West Texas Intermediate sink 7.7 percent and Brent more than six percent, putting them at lows not seen for more than a year.
(with a report from Agence France Presse)