By Alena Mae S. Flores
The country’s oil firms cut pump prices by as much as P1.50 per liter effective today but raised the price of cooking gas or liquefied petroleum gas by P0.85 per kilo or P10.15 per 11-kilo tank to reflect the higher contract price of LPG in the world market.
The oil firms cut the price of gasoline by P1.50 per liter, kerosene by P1.40 per liter, and diesel by P1.30 per liter effective 6am Tuesday.
“Petron will implement the following price rollbacks effective 6 a.m. on May 2: P1.50 per liter for gasoline; P1.30 per li for diesel and P1.40/li for kerosene. These reflect movements in the international oil market,” the company said in its advisory.
Other oil companies also cut pump prices, such as Phoenix Petroleum Philippines, Cleanfuel, Seaoil Philippines, and Jetti Petroleum.
Meanwhile, Petron said it will implement a P0.85 per kg (VAT-inclusive) increase in LPG prices effective 6 a.m. on May 1.
“AutoLPG prices will likewise increase by P0.48/li at the same time. These reflect the international contract price of LPG for the month of May,” Petron said.
Solane LPG also increased prices for LPG, which is currently sold in Metro Manila from P818 to P980 per 11-kilo tanks, depending on the location, market forces, and brand.
DOE director for Oil Industry Management Bureau Rodela Romero said world oil prices dropped amid deepening concerns of an economic slowdown, while a stronger dollar outweighed hopes of higher Chinese demand.
“Oil kept falling in Asia as the outlook for global demand remained in question, and Asian fuel markets flashed warning signs on shrinking refining margins and investors await the release of oil inventory data by US EIA (Energy Information Administration) for further guidance,” Romero said.
This week’s rollbacks would be the third consecutive week of price cuts for diesel and the second consecutive week for gasoline and kerosene.
The oil companies implemented a per-liter decrease of P1.40 for gasoline, P0.70 for diesel, and P0.20 for kerosene on April 15.
These resulted in a year-to-date net decrease for diesel at P3.05 per liter and kerosene at P3.55 per liter. Gasoline, on the other hand, has a net increase of P7.55 per liter.
Pump prices are adjusted weekly, while LPG prices are adjusted every first day of the month.