OIL companies implement a price rollback of P0.35 per liter for diesel and P0.20 to P0.30 per liter for gasoline effective Tuesday to reflect the movement of world oil prices.
Oil players that announced the price cut includes Petron Corp., Phoenix Philippines, PTT Philippines, Unioil Philippines, among others. Other oil companies are expected to follow suit.
So far, only Phoenix Petroleum cut the prices of gasoline by P0.20 per liter.
“Petron will implement the following price rollbacks effective 6 a.m., tomorrow January 17, 2017: P0.35 per liter for diesel and P0.30 per liter for gasoline,” the company said.
Last Jan. 10, the oil firms raised the price of diesel by P0.10 per liter but cut the price of kerosene by P0.15 per liter.
Oil prices declined due to the higher rig counts from the US which has tempered optimism due to the production cut from the members and non-members of the Organization of the Petroleum Exporting Countries in January.
The Energy International Administration has reported that oil output has increased and is still expected to go up due to the additional drillings in the US.
Analysts, however, said crude oil prices might steadily increase towards $60 a barrel by the end of 2017, with further upside capped by a stronger dollar exchange rate, a possible recovery in the North American output, and likely noncompliance with planned output.
Last Jan. 3, oil companies implemented an increase of P0.70 per liter in gasoline, P0.60 per liter in diesel and P0.55 per liter in kerosene.