The country’s oil players gave motorists and consumers an early Halloween treat by reducing pump prices effective Sunday. It was the third price rollback in as many weeks, this time by as much as P1.65 per liter for gasoline to reflect the movement of world oil prices in the domestic market.
READ: Clamor mounts for oil tax freeze before Christmas
Oil refiner Petron Corp. cut the price of gasoline by P1.50 per liter, diesel by P0.60 per liter and kerosene by P0.65 per liter effective 6 am Monday but Phoenix Petroleum Philippines cut pump prices as early as Sunday.
“In order for motorists to enjoy lower pump prices, Phoenix Petroleum Philippines will decrease the prices of gasoline by P1.65 per liter and diesel by P0.60 per liter effective 6 am of Oct. 27, 2018,” Phoenix said in an advisory Friday night.
Last Oct. 22, the oil firms also cut the price of gasoline by P1.85 per liter, P0.90 per liter for diesel and P0.90 per liter for kerosene to reflect movements in the international oil market.
The Philippines imports more than 90 percent of its fuel requirements, thus it is exposed to price volatilities in the world market.
Prior to the three-week rollback, world oil prices have been going up for several weeks.
Last Oct. 15, the oil firms also cut pump prices by P0.85 per liter for gasoline, P0.65 per liter for diesel and P0.20 per liter for kerosene.
READ: Another oil price hike in the offing
According to the Department of Energy’s latest oil monitoring report, prices continued the downward trend amid an unexpected strong build in US crude stockpiles and reports of supply availability towards end of the year into early 2019.
Analysts also noted that Iran’s exports have not declined as much as predicted even after US sanctions are re-imposed next month.
Reports that refiners in Turkey, India and possibly China are reportedly negotiating with US officials over waivers to enable them to continue purchasing at least some Iranian oil after Nov. 4 imposition of sanction also helped ease prices.
Prior to the latest rollback, year-to-date adjustments are now at a net increase of P8.70 per liter for gasoline, P10.60 per liter for diesel and P9.60 per liter for kerosene.
READ: Petron lowers LPG price by P7.50/kilo