Oil prices rolled back today

After two consecutive weeks of price hikes, oil companies are reducing pump prices today due to increasing crude oil supply from the United States.

Oil firms implemented reductions of P0.35 per liter on gasoline, P0.55 per liter on diesel and P1.20 per liter on kerosene.

Eastern Petroleum Corp. and Seaoil Philippines Inc. lowered fuel prices starting 12:01 a.m. today.

Flying V, Phoenix Petroleum Philippines Inc., Pilipinas Shell Petroleum Corp. and PTT Philippines Corp. implemented their respective price adjustments at 6 a.m.

Meanwhile, UniOil Petroleum Philippines Inc. implemented its price cuts at 6:01 a.m.

Petron Corp. and Total Philippines Corp. have yet to announce their respective advisories as of press time.

Based on the monitoring of the Department of Energy (DOE), international oil prices fell in the middle of last week’s trading on robust US production.

It said US government data showed an increase in crude inventory stockpiles and output, threatening to offset supply cuts by the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers.

Washington is also planning to impose import tariffs that have propped up prices and could spark a trade war.

“With US output outpacing demand growth, analysts say oil cartel OPEC and Russia who, together with some other producers have been withholding production in order to prop up prices, are under pressure to keep up the supply restraint, even at the cost of market share,” the DOE said.