Danessa Rivera (The Philippine Star)
- July 29, 2019 - 12:00am
MANILA, Philippines — Petroleum
companies are rolling back gasoline prices but are raising diesel and kerosene
prices tomorrow.
In separate advisories, oil firms
announced that gasoline prices would be rolled back by P0.95 per liter while
diesel ang kerosene prices would be increased by P0.15 per liter and P0.10 per
liter, respectively.
Petro Gazz, Pilipinas Shell
Petroleum Corp. and Seaoil Philippines said their price adjustments would be
implemented at 6 a.m. tomorrow.
Phoenix Petroleum Philippines led
the price adjustments with a P1 per liter reduction on gasoline yesterday
morning while Cleanfuel lowered gasoline prices also by P1 per liter yesterday
afternoon.
For the gasoline price drop, China
is expected to ramp up gasoline exports to near records until August, Reuters
reported. PetroChina Co. led the surge in shipments after getting clearance to
increase quotas, and two large-scale refineries owned by Hengli Petrochemical
and Zhejiang Petrochemical are starting to operate.
In its report, Reuters said the
increase in Chinese exports would fill the gap caused by refinery outages in
the United States and the Middle East, but may reduce Asian gasoline margins,
which have already dropped 50 percent since July 12.
Meanwhile, global oil prices ended
the week higher on the back of stronger-than-expected US economic data and
supply concerns over the safety of shipments around the Strait of Hormuz.
Last Tuesday, oil companies rolled
back gasoline prices by P0.25 per liter, diesel prices by P0.20 per liter and
kerosene by P0.40 per liter.
Prior to this week’s price movement,
Department of Energy data showed year-to-date adjustments stand at a net
increase of P5.95 per liter for gasoline, P3.80 per liter for diesel and P2.05
per liter for kerosene.
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