A WEEK after oil companies implemented the biggest oil price hike for the year, they announced a price cut in pump prices.
Phoenix Petroleum led the oil price rollback at 6 a.m. of Sunday, September 29. It reduced gasoline prices by P1.55 per liter and diesel by P0.50 per liter.
Seaoil Philippines said Sunday it would implement a downward price adjustment in its gasoline products by P1.45 per liter, diesel by P0.60 per liter and kerosene by P1 per liter. Seaoil’s price cut takes effect at 6 a.m,, Monday.
Petro Gazz said Sunday it would reduce gasoline price by P1.55 per liter and diesel by P0.50 per liter on Tuesday morning, October 1.
Pilipinas Shell announced Sunday it would implement its price rollback on Tuesday morning by P1.45 per liter for gasoline, P0.60 per liter for diesel and P1 per liter for kerosene.
More oil firms are expected to follow suit.
Prior to the latest price adjustment, gasoline price increased 25 times since the start of the year by P10.04 per liter, diesel by 22 times for a total of P8.04 per liter and kerosene by 23 times for P4.87 per liter.
Last week, gasoline prices shot up by P2.35 per liter, diesel by P1.80 per liter and kerosene by P1.75 per liter in the aftermath of the September 14 drone attacks on Saudi Arabian oil facilities.
Oil companies have been saying that movements in the world oil prices affect local pump prices. The behavior of the peso against the US dollar also affects local pricing.
“[Oil firms] can buy at high price and sell it here at low prices but they can also buy at high prices and sell at low prices. It’s a free enterprise. It’s a risk for them. That’s why consumers have the choice,” Energy Secretary Alfonso Cusi said.