The country’s oil firms raised the price of diesel and kerosene by P0.20 per liter and P0.40 per liter but cut the price of gasoline by P0.20 per liter effective 6am Tuesday.
“Petron will implement the following price adjustments effective 6 a.m. on November 10: P0.20/li rollback for gasoline; P0.20/li increase for diesel; and P0.40/li increase for kerosene. These reflect movements in the international oil market,” Petron Corp. said in its advisory.
Aside from Petron, Pilipinas Shell Petroleum Corp., Seaoil Philippines Inc., Cleanfuel Group of Companies, PTT Philippines Corp. and PetroGazz also implemented a mixed oil price movement while other oil companies are expected to follow suit.
World oil prices reacted to the continuing impact of the COVID-19 pandemic to the global economies that could affect demand. Reports of a surge of coronavirus cases in the US and Europe created worries of global oil demand amid abundant oil supply.
Uncertainties about the outcome of the US elections also affected the movement of world oil prices last week.
On November 3, the oil companies cut the price of gasoline by P0.80 per liter, diesel by P0.85 per liter and kerosene by P0.70 per liter.
These resulted to the total year-to-date adjustments at a net decrease of P5.47 per liter for gasoline, P11.11 per liter for diesel and P14.29 per liter for kerosene.
Meanwhile, the Organization of the Petroleum Exporting Countries and its allies is in the midst of a 7.7 million barrels per day production cut, based on the monitoring of the Department of Energy. The DOE said OPEC planned to cut production to 5.8 million b/d starting January 2021 to April 2022 due to optimism of global economic recovery.
The OPEC will meet again in end of November to firm up its plans.