By Lenie Lectura - January 20, 2020
Oil firms are implementing a price
rollback of over P1 per liter for diesel and kerosene, and less than P1 per
liter for gasoline.
Gasoline products will go down by
P0.85 per liter. Kerosene prices will go down by P1.65 per liter. Diesel price,
meanwhile, will be cut by P1.70 per liter.
“The prices reflect movements in the
world oil market,” they said.
Phoenix Petroleum was the first oil
company to reflect the new pump prices.
The adjusted price of Phoenix takes
effect at 6 a.m. of Saturday, January 18.
Followed by Seaoil Philippines,
which reduced its gasoline prices by P0.90 per liter. Seaoil’s price adjustment
takes effect 6 a.m. of January 20.
Pilipinas Shell said its oil price
rollback will be implemented Tuesday morning.
Other oil firms will announce a
price rollback on Monday.
Last week, a P0.20 per-liter price
reduction in diesel and P0.30 per liter in kerosene took effect.
A week before that, diesel prices
went up by P0.40 per liter. Kerosene prices also went up by P0.10 per liter
while gasoline prices went down by P0.10 per liter.
Oil firms are required to maintain a
minimum inventory level of in-country stocks: 30 days for oil refiners, 15 days
for bulk suppliers; and seven days for LPG players.
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