Oil firms roll back fuel pump prices

By Lenie Lectura March 30, 2021
https://businessmirror.com.ph/2021/03/30/oil-firms-roll-back-fuel-pump-prices-2/

Local pump prices will be reduced by over P1 per liter this week.

Oil firms announced Monday that gasoline prices will go down by P1.20 per liter, kerosene by P1.40 per liter and diesel by P1.30 per liter.

The price adjustment takes effect at 6 a.m. on Tuesday, March 30.

The price cuts will be implemented by Pilipinas Shell, Phoenix Petroleum Cleanfuel, Seaoil, Unioil, Total Philippines and Caltex Philippines.

Other oil firms are expected to announce similar adjustments soon.

They adjust their pump prices every week to reflect movements in the world oil market.

Earlier, the Department of Energy (DOE) released the country’s net oil import bill in 2020, which dropped 46.4 percent to $5.932 billion from $11 billion in 2019.

Total volume of petroleum products imported last year reached 136.05 billion liters, 21.4 percent down from 173.2 billion liters in 2019. The Philippines imported 32.9 billion liters of crude and 103.1 billion liters of finished products in 2020.

As a result, the cost of total imports declined 46.2 percent to $6.372 billion from $11.839 billion in 2019.

Total export earnings also dropped 42.5 percent to 10,435 million liters equivalent to $439.4 million in 2020 from 12,669 million liters in 2019 worth $763.6 million. Of the total petroleum exports last year, 7.9 billion liters were products and 2.5 billion liters in crude.