MANILA, March 23 -– Pilipinas Shell Petroleum Corp. (PSPC), Seaoil Philippines Inc (SPI), Petron Corporation, Chevron Philippines Inc. (CPI), Phoenix Petroleum Philippines and PTT Philippines will rollback pump prices of gasoline by Php 1.10 per liter on Tuesday. Eastern Petroleum will cut gasoline prices by P1.20 per liter.
PSPC, SPI, CPI, PTT Phils and Phoenix will slice diesel prices by 95 centavos per liter. Petron Corporation and Eastern Petroleum will reduce diesel prices by 1 peso. PSPC, SPI, CPI – with its Caltex brands – will also rollback kerosene prices by 90 centavos per liter. Phoenix will implement price changes at 6:00 a.m. on Tuesday, while all the six oil companies will move prices at 12:01 a.m.
As of March 18, the Department of Energy’s (DOE’s) oil price monitor in Metro Manila noted prices of diesel ranged from P26.35-32.65. It has a common price of P29.20.
Gasoline price, on the other hand, played between Php38.37 to Php43.92. Its common price around Metro Manila is P42.45. For the year, gasoline went up by Php1.37 per liter, while diesel had a reduction of Php0.65 centavos per liter.
On Monday, oil prices in Asia fell near 1 percent after Saudi Arabia stressed over the weekend it will not bear cutting production alone.
Last week, Department of Energy (DOE) Undersecretary Zenaida Monsada said there was still an oversupply in the oil market due to the increased production of shale and the Organization of Petroleum Exporting Countries (OPEC). The DOE official said oil is even running out of places to be stored.
Monsada noted international analysts see that oil prices will never return to the US$ 100 mark, which is good for an oil-importing country like the Philippines. (PNA)