Oil players cut pump prices by as much as P1.85 per liter effective 6 a.m. Tuesday to reflect the price movement in the world oil market.
Local oil firms cut the price of diesel by P1.85 per liter, gasoline by P1.60 per liter, and kerosene by P1.40 per liter.
Rodela Romero, Department of Energy director for the Oil Industry Management Bureau, attributed the price rollback to the high US oil inventory and slow crude import from China.
She said the lackluster global economic growth and the Organization of the Petroleum Exporting Countries and its allies’ (OPEC+) weakening position on their supply cuts also contributed to the global oil price softening.
“The outlook based on S&P Global Platts shows that world oil supply would continue to be more than the world oil demand until the first quarter of 2024,” Romero said.
However, she said there are lingering factors supporting the oil market such as the Saudi and Russia’s call for output cut and the geopolitical conflicts of Israel and Hamas, and Venezuela and Guyana.
PTT Philippines, Jetti Petroleum, Seaoil Philippines, PetroGazz, Cleanfuel, Phoenix Petroleum Philippines and Chevron Philippines issued separate advisories of the price rollback.
On Dec. 5, 2023, the oil companies implemented an increase in gasoline and kerosene by P0.30 and P0.20 per liter, respectively.
Diesel prices, however, went down by P0.30 per liter.
These price adjustments resulted in a year-to-date net increase of P12.60 per liter for gasoline, P5.70 per liter for diesel and P1.94 per liter for kerosene.