Good news for motorists and other oil product users.
Domestic oil companies for the second time in just one week, rolled back their prices by as much as P3 per liter for kerosene, P1 per liter for gasoline, and P0.35 per liter for diesel, effective at 6 a.m. today.
Last April 5, oil prices were cut by P2.30 to P2.50 per liter for gasoline, P1.85 per liter for diesel, and P1.65 per liter for kerosene.
The price movements reflected changes in the world oil market as affected by the Russia-Ukraine armed conflict, the oil firms said.
Seaoil Philippines, PTT Philippines, PetroGazz and Cleanfuel on Monday announced their respective price cuts, while other oil companies are expected to follow shortly.
According to a Reuters report, world oil prices retreated after member nations of the International Energy Agency (IEA) announced the release of 60 million barrels of oil over the next six months.
The Biden administration of the United States also announced it would release 180 million barrels over a six-month period, or one million barrels per day from strategic petroleum reserves (SPR) which caused crude prices to fall.
The ongoing lockdown in China due to increasing COVID-19 cases also impacted on world oil prices. China has been one of the world’s biggest consumers of oil.
S&P Global Commodity Insights lowered China’s gasoline demand by 400,000 barrels per day in March, and 250,000 barrels per day in April due to renewed restrictions.
These resulted in the year-to-date adjustments to stand at a net increase of P16 per liter for gasoline, P26 per liter for diesel, and P24.10 per liter for kerosene.