More oil distributors will cut pump prices by as much as P1.55 per liter starting today, Monday, to reflect the movement of world oil prices.
Petro Gazz said it will implement a price rollback effective 6am on Oct. 1 of P1.55 per liter of gasoline and P0.50 per liter of diesel.
Seaoil Philippines said it will cut its gasoline prices by P1.45 per liter and diesel by P0.60 per liter effective from 6a.m. today, Monday.
Phoenix Petroleum Philippines was the first to implement the price cut of P1.55 per liter and gasoline by P0.50 per liter that took effect at 6 a.m. on Sunday.
Clean Fuel cut prices by the same levels as Phoenix but implemented it later at 4pm Sunday.
On Friday, Laban Konsyumer Inc. president Victorio Dimagiba said consumers may expect an oil price rollback next week as world oil prices had softened.
“Indicative rollback diesel by P0.75 per liter and gasoline by P1.60 per liter. No data for LPG and kerosene. Prices can still change as there is still Friday trading, Dimagiba said.
He said the price cut would provide “a relief to all consumers” as world oil prices went up significantly last week due to the drone attacks on Saudi Arabia’s oil facilities.
“Average Dubai crude this week is $62.262 vs $63.06 last week over a period of Monday to Friday, Dimagiba said.
On Sept. 24, most of the oil companies implemented a price increase of P2.35 per liter of gasoline, P1.80 per liter of diesel and P1.75 per liter of kerosene.
Reports that Saudi Arabia would be able to restore supply after the attack softened world oil prices last week.
The year-to-date adjustments now stand at a net increase of P7.86 per liter of gasoline, P5.82 per liter of diesel and P3.76 per liter of kerosene, according to the Energy department.
Senator Sherwin Gatchalian, chairman of the Senate Committee on Energy, earlier said he expected prices to normalize in the coming weeks when Saudi Arabian Oil Co. resumes its normal production by the end of the month.
Gatchalian said there was no reason for other commodity prices to spike as a result of the attacks.
“Pricing is also very important, considering that this is a deregulated industry. We致e given a free hand to the private sector to do business, to import, to sell and to transact,” he said.
“However, the government needs to make sure that the public is protected and the public is not being abused by any shock or any aberration happening.”