Oil firms slashed the price of kerosene by P2 per liter effective 6 a.m. today (Tuesday) to reflect the movement of prices in the world oil market.
The price of diesel also went down by P1.85 per liter while gasoline was reduced by P1.20 per liter amid concerns of a possible slowdown in the US and UK economies.
“Petron will implement the following price rollbacks effective 6 a.m. on March 21: P1.20 per liter for gasoline; P1.85 per liter for diesel and P2 per liter for kerosene. These reflect movements in the international oil market,” Petron said in an advisory.
Seaoil Philippines, PTT Philippines, PetroGazz, Cleanfuel, Phoenix Petroleum Philippines, and Chevron Philippines also announced their respective rollbacks.
The rollback is higher than forecasted during the first four days of trading last week at P1.50 to P1.80 per liter for diesel and P0.90 to P1.10 per liter for gasoline.
“Volatility in oil prices is seen in the next few weeks with the lingering factors that would push it to go down or go up,” Department of Energy director for the Oil Industry Management Bureau Rodela Romero said.
On March 14, the oil companies implemented a price cut of P0.10 for diesel and P0.60 for kerosene but raised the price of gasoline by P1 per liter.
These resulted in a year-to-date net decrease for diesel at P1 per liter and kerosene at P1.65 per liter.
Gasoline on the other hand, has a net increase of P6.70 per liter.