OIL prices declined by as much as P0.55 per liter starting today to reflect the movement of world oil prices.
Energy Undersecretary Melita Obillo said the oil firms cut pump prices due to “sufficient supply and low demand.”
The oil firms cut gasoline prices by P0.55 per liter, kerosene by P0.20 per liter and diesel by P0.10 per liter.
Oil companies who implemented the price rollbacks are Pilipinas Shell Petroleum Corp., Petron Corp., Seaoil Philippines, Unioil Philippines, PTT Philippines, Eastern Petroleum and Flying V. Other oil companies are expected to follow suit.
Last Feb. 28, the oil firms also rolled back pump prices by P0.40 per liter for gasoline but raised the price of diesel and kerosene prices by P0.35 per liter and P0.30 per liter.
Oil prices have been influenced by the movement of the Organization of Petroleum Exporting Countries and other producers like Russia which showed adherence to the terms of the output deal agreed last year.
Oil prices, however, have consistently stayed above $50 per barrel even after the output cut was announced in December due to oversupply concerns.
US shale oil production is now coming back in operation, moderating any price gains from the Opec and non-Opec production cut.