Oil firms cut fuel pump prices for 2nd consecutive week

For the second consecutive week, oil firms announced Monday a reduction in pump prices starting Tuesday morning.

Gasoline prices will be reduced by P0.25 per liter, diesel will go down by P.60 per liter, and kerosene will be sold at P0.25 per liter cheaper.

Prior to this week’s price adjustment, oil companies implemented a per liter decrease in gasoline by P0.35, diesel by P1.10 and P0.45 for kerosene. These resulted to the year-to-date total adjustments to stand at a net increase of P16.10/liter for gasoline, P37.40/liter for diesel, and P29.20/liter for kerosene.

Oil firms adjust their prices every week to reflect movements in the world oil market. Prior to this week’s oil price rollback, MOPS gasoline has decreased by around $1.00 per barrel as well as MOPS diesel and kerosene by nearly $2.80 and $2.15 per barrel, respectively.

The country is relying on MOPS as the benchmark for local fuel products. It is the daily average of all trading transaction of diesel and gasoline as assessed by Standard and Poor’s Platts of Singapore.

The agency said oil prices retreated as China’s commitment to zero-Covid dashed hopes for a sharp rebound of near-term demand in the world’s largest crude oil importer. Asian gasoline crack versus Dubai slightly recovered as stockpiles saw a weekly draw in the US and Singapore.

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