Oil firms cut pump prices anew by P0.60 per liter for diesel and P0.25 per liter for gasoline and kerosene effective 6 a.m. Tuesday to reflect the movement of prices in the world oil market.
“Petron will implement the following price rollbacks effective 6 a.m. on Nov 1: P0.25/li for gasoline; P0.60/li for diesel and P0.25/li for kerosene. These reflect movements in the international oil market,” Petron Corp. said in its advisory.
This is the second consecutive week of oil price rollback even as oil firms are anticipating a possible increase in liquefied petroleum gas or cooking gas.
Oil prices declined week-on-week after China, one of the biggest oil-consuming economies implemented lockdowns to prevent the spread of COVID-19.
Oil companies implemented a per liter cut in gasoline by P0.35, diesel by P1.10, and P0.45 for kerosene on October 25.
These resulted in the year-to-date total adjustments to stand at a net increase of P16.10/liter for gasoline, P37.40/liter for diesel, and P29.20/liter for kerosene.
Despite the announcement of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to make its biggest output cut since the onset of the pandemic, the World Bank projected that oil prices in the global market would decline next year.
“Since the outbreak of the war in Ukraine, energy prices have been quite volatile but are now expected to decline. After surging by about 60 percent in 2022, energy prices are projected to decline 11 percent in 2023,” the World Bank said in a statement last week.