The country’s oil firms cut fuel prices by as much as P2.50 per liter effective 6 am Tuesday to reflect the movement of prices in the world oil market.
The firms cut the price of kerosene by P2.50 per liter and diesel by P2.20 per liter, but did not move gasoline prices.
“PTT Philippines to implement a P2.20 per liter rollback on diesel price effective 6 am Tuesday, February 14, 2023. No movement on gasoline prices,” the company said in its advisory.
Seaoil Philippines, Cleanfuel, Jetti Petroleum, Chevron Philippines, Phoenix Petroleum Philippines, and PetroGazz issued separate advisories of the latest oil price movement.
This is the second consecutive week of fuel price rollback.
On Feb. 7, the oil companies implemented a P2.10 per liter price rollback for gasoline, diesel by P3, and kerosene by P2.30.
These resulted in a total net increase this year to stand at P5.10 per liter for gasoline, P0.05 per liter for diesel, and P2.25 per liter for kerosene.
Department of Energy director for the Oil Industry Management Bureau Rodela Romero said over the weekend pump prices would likely go down, with diesel and kerosene by more than P2 per liter and gasoline by less than P0.10 per liter.
“Yes [rollback] though it’s only for the four-day trading so the level of the rollback would still depend on Friday [trading results],” Romero said.
Romero said world oil prices declined after the US Energy Information Agency recorded an inventory build of 2.4 million barrels.
Fears of a tighter US monetary policy like further interest rates hike also affected world prices.
“These reasons outweighed signs of demand recovery of China,” Romero said.