THE oil companies on Monday rolled back pump prices by as much as P0.70 per liter effective Tuesday following the continuing supply glut in the global oil market.
They cut the price of gasoline by P0.70 per liter, kerosene by P0.15 per liter and diesel by P0.10 per liter.
“This is to reflect the movements in the international petroleum market,” Seaoil Philippines said in its advisory.
On June 13, the oil firms cut the price of kerosene by P1.20 per liter, diesel by P0.95 per liter and gasoline by P0.80 per liter.
The ongoing oil drilling in the US has weighed down on global world oil prices despite the production cut implemented by members and non-members of the Organization of Petroleum Exporting Countries.
Opec and non-Opec countries recently approved the extension of production cuts for another nine months to support oil prices amid the supply glut, but that has failed to make an impact on prices
The Philippines imports over 90 percent of its fuel requirements and is merely a price taker in the global oil market.
Domestic pump prices are adjusted weekly to reflect market developments in the world oil market.