Oil companies said Saturday there will be another cut in their pump prices – the fourth time in a month – bringing their price reduction to more than P4 per litter for December.
The oil firms cut pump prices by P1.10 per liter for gasoline, P1.35 per diesel and P1.40 per liter for kerosene effective 12:01 a.m. of Dec. 21.
“Petron is pleased to announce the following price rollbacks effective 12:01 am for Blaze 100 Euro 4, XCS, Xtra Advance and Super Xtra, P1.35 per liter for Turbo Diesel and DieselMax and P1.40 per liter for kerosene. These reflect movements in the international oil market,” Petron, the country’s largest oil firm said.
Other oil firms also cut pump prices namely Pilipinas Shell Petroleum Corp., PTT Philippines, Eastern Petroleum Philippines, Chevron Philippines, among others.
The oil firms have so far cut pump prices by P4.25 per liter for gasoline, P4.35 per liter for diesel and P4.90 per liter for kerosene for December.
Last December 2, the oil firms cut diesel by P0.50 per liter and kerosene by P0.75 per liter. There was no movement for gasoline.
On December 7, the oil firms cut gasoline by P2.50 per liter for gasoline and P2.25 per liter for diesel and kerosene
The oil firms also cut prices last December 14 by P1.90 to P1.80 per liter for kerosene, P1.75 per liter for gasoline and P1.55 to P1.60 per liter for diesel.
According to the Energy Department, diesel prices are now at P30.75 to P34.10 per liter while gasoline sells at the range of P39.60 to P45.70 per liter.
The department said that based on its monitoring, crude oil prices dipped further to as low as US$65 per barrel over concerns of weak demand and a glut in the supply of crude oil in the world markets.
Prices were further weighed down last week after the Organization of Petroleum Exporting Countries declined to cut production levels despite concerns of a slowdown in manufacturing activity in Europe and China.
Local oil industry players said international developments may result in oil stockpiling in anticipation of an eventual renewal in world oil price increases.
Fernando Martinez, president of Independent Philippines Petroleum Companies Association and Eastern Petroleum president, told reporters that while stockpiling may be an option, oil players are looking at the right timing to do so.
Martinez said oil companies are still determining whether world oil prices will decline further and until when. (Reports from MST Alena Mae Flores)
