Oil firms to lower gas prices by P1.20 today

Oil companies will reduce pump prices today after prices edged lower in the international market.

Most oil firms are rolling back gasoline by P1.20 per liter, diesel by P.90 and kerosene by P1 per liter.

Petron Corp., PTT Philippines Corp. and Total Philippines Corp. start the price adjustments at 6 a.m.

“These reflect movements in the international oil market,” Petron said in an advisory.

Meanwhile, Flying V, Pilipinas Shell Petroleum Corp., Seaoil Philippines Inc. and UniOil Petroleum Philippines Inc. have yet to announce price changes.

Phoenix Petroleum Philippines Inc. implemented higher price cuts ahead of other players.

It rolled back the price of gasoline by P1.40 per liter and diesel by P1 effective 6 p.m. on Friday, “to afford motorists a longer period to avail themselves of cheaper fuel.”

Reuters reported Brent crude settled at the $76-level per barrel last week on possible boost of crude supply from Organization of the Petroleum Exporting Countries (OPEC).

Meanwhile, the Department of Energy (DOE) is looking to establish a strategic oil reserve for the country as part of efforts to shield consumers from volatile international oil prices and ensure supply security.

Earlier, the DOE announced that it ordered its attached agency Philippine National Oil Co.-Exploration Corp. (PNOCEC) to sell petroleum products sourced from non-OPEC members to independent petroleum dealers and vulnerable sectors like public utility transport groups.