FOR the fifth consecutive week, oil firms are reducing the price of petroleum products, reflecting movements in the international petroleum market.
In separate advisories on Monday afternoon, oil firms announced they will implement effective on Tuesday morning a hefty price rollback of P2.30 per liter in gasoline, P2 per liter in diesel and P1.65 per liter in kerosene.
The price adjustment was announced by Seaoil Philippines, Eastern Petroleum and PTT Philippines.
Petro Gazz, meanwhile, implemented a higher price cut of P2.50 per liter in gasoline.
They will all implement the price cut at 6 a.m. of November 13.
Other oil firms are expected to follow suit.
The latest oil price rollback brings the decline in gasoline prices by P7.50 per liter, diesel by P4.65 per liter and kerosene by P4.30 per liter.
From October 15 to November 5, gasoline prices have declined by P5.20 per liter, diesel by P2.65 per liter and P2.40 per liter for kerosene.
The price reductions happened after diesel prices went up by a total of P5.85 per liter, gasoline by P5.05 per liter and kerosene by P4.65 per liter from August 14 to October 9.
Local oil firms adjust their prices on a weekly basis to reflect prices of imported oil products that arrive in the country.
Philippine retail prices are based on the average prices based on the Mean of Platts Singapore (MOPS). This refers to the prices of finished products, which include the gasoline and diesel sold in pumping stations.
Image credits: Alysa Salen