Majority of the oil firms are implementing a price rollback on Tuesday.
On Monday they announced a P0.40 per liter price reduction in gasoline; P0.45 per liter in kerosene; and P0.30 per liter in diesel.
Eastern Petroleum Corp. already implemented a price cut in diesel and gasoline by P0.30 and P0.40 per liter, respectively, effective 6 p.m. on Monday.
Fernando L. Martinez, Eastern Petroleum chairman and CEO, said that the latest price adjustment reflects the downward trend in world oil prices at the close of last week’s trading.
“Analysts expect oil market to remain bearish, which could really hurt demand and world oil prices. With oil trading near its six-year lows, the healthy demand has prevented prices from dropping further amid the worsening oil glut due to oversupply,” Martinez said.
Pilipinas Shell, PTT Philippines and Seaoil, in separate advisories, said that they would implement the price rollback at 6 a.m. on Tuesday. Other oil firms are expected to follow suit.
“This is to reflect movements in the international petroleum market,” the oil firms said.
On November 10 oil firms implemented a P0.35-per-liter increase in gasoline; P0.75-per-liter increase in diesel; and P0.90-per-liter adjustment in kerosene. The Department of Energy (DOE) said last week the uptick in local price of ethanol boosted gasoline adjustment.
As of November 10, the DOE said that the year-to-date total adjustments stood at net increase of P0.91 per liter in gasoline and net decrease of P2.66 per liter in diesel. LPG remained with net decrease of P5.90 per kilogram.