OIL firms implemented for the seventh consecutive week a price rollback following the continued softening of global oil prices.
Gasoline prices were slashed by P1.10 per liter, diesel by P2.30 per liter and kerosene by P2.10 per liter.
The price rollback took effect at 6 a.m. on Tuesday, November 27, for Eastern Petroleum Corp., PTT Philippines, Pilipinas Shell and PetroGazz.
Phoenix Petroleum initiated the price reduction last Saturday. It implemented a price cut of P2.20 per liter for gasoline and P1.10 per liter for diesel.
Seaoil Philippines implemented its price reduction Sunday morning.
Prior to this week’s price rollback, gasoline prices were reduced by around P8 per liter, diesel by P6.20 per liter and kerosene by P5 per liter for the past six weeks.
Based on Department of Energy (DOE) monitoring, the following reasons account for the continued fall in global oil prices to their lowest level.
First, the US-Energy Information Administration (EIA) data of crude inventories settled higher for an eighth straight week, adding 10.27 million barrels in week ending November 9 to 442.05 million barrels.
Also, IEA Executive Director Fatih Birol warned Opec and other key oil producers to “behave responsibly” to ensure continued “comfortable” market conditions and prevent a return to higher oil prices.
Asian gas and oil remained stable on medium demand and ample supply. Moreover, the Organization of the Petroleum Exporting Countries is considering a supply cut during its meeting next month.
Image credits: Alysa Salen