OIL prices are going down for the third consecutive week.
Oil companies announced Monday a price cut of more than P4 per liter in diesel and kerosene starting Tuesday morning.
They will reduce diesel price by P4.15 per liter and kerosene by P4.45 per liter. The price of gasoline remains unchanged.
The new pump prices will take effect at 6 a.m. of September 20 for Seaoil, PTT, Petron, Shell, Caltex, Total, Unioil, and Phoenix. Cleanfuel, meanwhile, will implement the price rollback at 12:01 a.m.
Oil firms adjust their pump prices every week to reflect movements in the world oil market.
Last September 13, oil companies implemented a per liter decrease in gasoline by P0.45, diesel by P1.45 and P1.70 for kerosene. These resulted to the year-to-date total adjustments to stand at a net increase of P16.50/liter for gasoline, P34.80/liter for diesel and P29.90/liter for kerosene.
Last September 6, they reduced gasoline by P2.6 per liter, diesel by P1.55 per liter, and kerosene by P1.6 per liter.
Some of the reasons cited by the Department of Energy (DOE) for the oil price rollback include tightening signals from the European Central Bank and the US Federal Reserve as well as China’s intensified Covid-19 controls that have largely outweighed a symbolic OPEC+ production cut.
Fiesta Gas: Small refillable LPG
Meanwhile, Petron unveiled its new Fiesta Gas 170 gram in refillable cylinders.
The packaging is made of seamless aluminum alloy, allowing it to withstand high pressure in line with Philippine National Standards (PNS). The Fiesta Gas 170 gram in refillable cylinders is safe, reliable, and easily compatible with portable stoves and grillers.
It is initially available in Cebu.
“Our new Fiesta Gas 170 gram in refillable cylinders allows the vast majority of Filipino consumers to get their hands on a quality yet affordable LPG product from a brand they can trust. As the industry leader, Petron is committed to helping the DOE address the proliferation of butane canisters that are illegally refilled with LPG by introducing a better and safer alternative in the market,” Petron Vice President for Industrial Sales Virgilio Centeno said.
According to Centeno, the company is primarily focusing its efforts in Visayas and soon in Mindanao where single-use butane canisters that are illegally refilled with LPG is quite common.
DOE strongly advises against this kind of product, which is prone to leaks and can trigger accidental combustion, potentially harming users. Cebu, in particular, has recorded an alarming number of fire incidents resulting from the backyard or illegal refilling of butane canisters.
The DOE continues to intensify its campaign against illegal refillers in the region to ensure the safety of consumers. “We appeal to the public to stop using illegally refilled butane canisters and prioritize their safety. As we’ve reiterated in the past, these do not comply with the DTI [Department of Trade and Industry] or BFP [Bureau of Fire Protection] standards on safety and quality, making them extremely dangerous. We welcome the entry of Petron in the small refillable LPG cylinders category and hope that this will result in more LPG users choosing the safer and government-compliant option,’’ said Director Rino Abad of the DOE-Oil Industry Management Bureau.
In 2021, the LPG law, which aims to strengthen consumer protection, among others, in the LPG sector was enacted. Petron actively supported the passage of this law, taking the lead in ensuring that consumers are provided with LPG products that meet government standards.