Oil firms roll back prices for 4th consecutive week

By Lenie Lectura - November 5, 2018
https://businessmirror.com.ph/oil-firms-roll-back-prices-for-4th-consecutive-week/

Oil firms implemented a price cut for the fourth consecutive week as the international prices of various petroleum products continue to soften.

Phoenix Petroleum Corp. led the price rollback with a P1.10-per- liter reduction in gasoline price and P1 per liter in diesel. It was the first to announce last Saturday the downward price adjustment, which took effect at 6 a.m. of November 4, “in order for motorists to enjoy lower pump prices.”

Eastern Petroleum Corp., PetroGazz, Seaoil Philippines also announced last the same price adjustment, which takes effect 6 a.m. of November 5.

Seaoil is also implementing a P0.65-per-liter price rollback in kerosene.

Pilipinas Shell and PTT Philippines, meanwhile, said it would implement a P0.90-per-liter reduction in diesel and P1 per liter in gasoline effective Tuesday, November 6. Shell also reduced the price of kerosene by P0.65 per liter.

Other oil firms are expected to follow suit.

From October 15 to November 5, the price of gasoline has declined by P5.20 per liter, diesel by P2.65 per liter and P2.40 per liter for kerosene.

The price of liquefied petroleum gas (LPG) also declined last week. Phoenix said it implemented a reduction of P7.50 per kilogram (kg) effective November 1.

Petron also reduced LPG prices on November 1 by P82.50 for a standard 11-kg Gasul tank. Likewise, Petron’s AutoLPG prices declined by P4.20 per liter. “These reflect movements in the international contract price of LPG for the month of November,” said Petron.

The price reductions happened after diesel prices went up by a total of P5.85 per liter, gasoline by P5.05 per liter and kerosene by P4.65 per liter from August 14 to October 9.