Local oil firms to slash prices

By Amy R. Remo

Philippine Daily Inquirer

7:23 pm | Monday, February 10th, 2014

AP FILE PHOTO

MANILA, Philippines–Local oil companies will slash prices of fuel products starting Tuesday to reflect the softening of prices in the global oil market.

At 12:01 a.m. Tuesday, Petron Corp. and PTT Philippines will cut prices of gasoline by 50 centavos a liter, diesel by 20 centavos a liter, and of kerosene by 25 centavos a liter.

Phoenix Petroleum Philippines will implement the same adjustments at 6 a.m. Tuesday. Other oil companies have yet to announce their respective price rollbacks as of press time Monday.

According to PTT Philippines, the latest price rollback followed a “weaker than expected US and Chinese economic indicators for January 2014 speculating a weaker demand, and the reported possible increase of oil exports from Libya, speculating an increase in supply.”

Prior to this week’s price adjustments, diesel prices ranged from P41.55 a liter to P46.45 a liter, while gasoline was retailing for P49.70 to P56.05 per liter.

Year to date price adjustments as of Feb. 4 stood at a net decrease of 30 centavos a liter for gasoline and 60 centavos for diesel.

During the last week of January, world crude prices were shown to have been tempered by concerns over Chinese gross domestic product growth; US Federal Reserve’s scale back bond buying; a stronger US currency; and an increase in the output of the Organization of the Petroleum Exporting Countries (OPEC), said the Department of Energy in its latest oil monitor report.

“Overall, Dubai crude remained relatively steady. [Prices of ] diesel [based on the Mean of Platts Singapore] increased by about $0.50 a barrel while MOPS-based gasoline prices decreased by about $0.10 a barrel,” the report stated.

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Tags: Business , oil prices

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