The country’s oil firms implemented a big-time rollback effective Tuesday, greater than forecasts predicted last week, to reflect the movement of prices in the world oil market.
The oil firms cut the price of kerosene by P4.40 per liter, diesel by P3.40 per liter, and gasoline by P1.70 per liter.
This will be the fifth straight week of reduced gasoline, diesel, and kerosene prices amid the continued softening of world oil prices.
Last week, the Department of Energy said oil firms were expected to cut kerosene prices by P3.80 to P4 per liter, diesel by P3 to P3.30 per liter, and gasoline by P1 to P1.30 per liter.
“Cleanfuel will implement price adjustment, effective Tuesday, December 13, 2022 at 8:01AM. Gasoline P1.70 per liter rollback and diesel P3.40 per liter rollback,” Cleanfuel said in its advisory.
Seaoil Philippines and PTT Philippines also cut pump prices, followed by other oil firms.
According to the DOE, oil prices came under increased pressure due to concerns over Chinese demand with the continued climb in the country’s COVID-19 cases.
The strict COVID measures prompted protests in major cities in China.
On December 6, the country’s oil firms cut pump prices by P1.95 per liter for gasoline, P1.90 per liter for diesel, and P1.65 per liter for kerosene.
On Nov. 29, local oil firms also cut pump prices—a price rollback of P3.95 per liter for diesel for the sixth consecutive week and cut the cost of gasoline by P0.85 per liter and kerosene by P2.65 per liter.
On Nov. 22, oil companies also posted rollbacks of P0.40 per liter for gasoline, P2.15 for diesel, and P2.10 per liter for kerosene.
On Nov. 15, oil firms also cut diesel prices by P0.30 per liter, but raised gasoline by P0.90 per liter and kerosene by P1.35 per liter.