The country’s oil firms cut pump prices by as much as P1.70 per liter effective today to reflect the movement of prices in the world market.
Prices of kerosene went down by P1.70 per liter, diesel by P1.45 per liter, and gasoline by P0.45 per liter.
This is the second consecutive week of oil price rollbacks across all petroleum products.
“Phoenix Petroleum Philippines will decrease the prices of diesel by P1.45 per liter and gasoline by P0.45 per liter effective 6 a.m. of September 13,” Phoenix said in its advisory.
Cleanfuel, Chevron Philippines, Seaoil Philippines, and PetroGazz also issued separate advisories of the price cut.
Rodela Romero, Director III of the Department of Energy’s Oil Industry Management Bureau, said last week the movement of prices in the world market showed a possible rollback in pump prices across all products.
“The reasons (for the decline) are the weakening demand due to China’s lockdowns and prospects of more interest rate hikes,” Romero said.
On September 6, oil companies implemented a per liter decrease in gasoline by P2.60, diesel by P1.55, and P1.60 for kerosene.
These resulted in the total year-to-date adjustments at a net increase of P16.95 per liter for gasoline, P36.25 per liter for diesel, and P31.60 per liter for kerosene.
World oil prices softened in the past two weeks due to the weaker global demand outlook after China escalated COVID-19 curbs and US Federal Reserve officials signaled further interest rate hikes amid global recession fears.
Chinese authorities imposed stricter lockdowns in several major cities to contain an outbreak of COVID-19.