Local oil firms announced a price rollback of P1.10 per liter for kerosene, P0.95 per liter for diesel, and P0.70 per liter for gasoline effective 6 a.m. Tuesday to reflect the movement of prices in the world oil market.
Cleanfuel, PetroGazz, Seaoil Philippines and Chevron Philippines separately announced the price cuts as a result of concerns over a slowdown in oil demand. Other oil companies are expected to follow.
“This adjustment is attributed to the worries about global demand and the expectations that cuts to US interest rates will take longer,” Department of Energy (DOE) director for the oil industry management bureau Rodela Romero said.
Romero said Friday’s final trading at the world oil market would change the price movement estimates, which were higher.
On Feb. 20, oil companies implemented a per liter increase in the price of gasoline, diesel, and kerosene by P1.60, P1.10 and P1.05 per liter, respectively.
Year-to-date adjustment of gasoline, diesel and kerosene stands at a net increase of P6.15, P5.40, and P1.50 per liter, respectively.
DOE data showed that gasoline retails for P55.60 to P88.88 per liter, diesel from P54.35 to P84.56 per liter and kerosene from P73.25 to P83.88 per liter in the National Capital Region.
Pump prices vary depending on the brand, location of the station and market forces.