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Friday, March 29, 2024

Oil firms cut prices of diesel, gasoline

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Oil firms cut the price of gasoline by P0.45 per liter and by diesel by P0.10 per liter effective 6 a.m. Tuesday to reflect the movement of prices in the world market.

This is the second consecutive week of oil price rollback for gasoline and the third consecutive week for diesel. The oil firms did not adjust kerosene prices this week.

“Phoenix Petroleum Philippines will decrease the prices of gasoline by P0.45 per liter and diesel by P0.10 per liter effective 6am October 29,” the company said.

Pilipinas Shell Petroleum Corp., PTT Philippines and PetroGazz issued separate announcements of the price cuts.

On October 20 and 22, 2019, most of the oil companies implemented a price cut of P0.25to P0.40 per liter for gasoline, P0.10 to P0.15 per liter for diesel and P0.25 per liter for kerosene.

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Prior to today’s rollback, year-to-date adjustments stand at a net increase of P5.61 per liter for gasoline, P4.02 per liter for diesel and P0.96 per liter for kerosene.

Based on the monitoring by the Energy Department, oil prices have declined on signs of a rise in the US crude stocks, adding to concerns that world’s demand for oil may weaken amid further signs of economic slowdown globally.

It said U.S. crude inventories soared by 10.5 million barrels to 432.5 million barrels in the week to Oct. 11 citing data from the American Petroleum Institute’s weekly report.

The US Energy Information Administration’s also reported US shale oil production will average 8.97 million barrels per day in November, up 58,000 barrels per day from October and 1.14 million barrels per day from November 2018.

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