Oil firms roll back pump prices

After nine consecutive weeks of price hikes, small oil players have rolled back fuel prices as global crude prices eased in this week’s trading.

First to announce was Phoenix Petroleum Philippines Inc., which implemented price reductions of P0.80 per liter on gasoline and of P0.60 per liter on diesel starting 12:01 a.m. yesterday.

Unioil Petroleum Philippines Inc. also implemented the same price decrease on gasoline and diesel at 2 p.m. yesterday.

Seaoil Philippines Inc. reduced prices of gasoline by P0.85 per liter, diesel by P0.65 per liter and kerosene by P0.20 per liter effective 2 p.m. yesterday.

Among major oil companies, Pilipinas Shell Petroleum Corp. and Petron Corp. said their respective price adjustments of P0.85 per liter on gasoline, P0.65 per liter on diesel and P0.20 per liter for kerosene will be implemented on Monday at 6 a.m.

Prior to price cuts, gasoline prices were raised for nine consecutive weeks, while diesel and kerosene prices were increased for seven successive weeks.

During this period, gasoline prices were hiked by a total of P5.05 per liter, diesel by P5.60 per liter and kerosene by P4.85 per liter.

Year-to-date, total adjustments stand at a net increase of P11.40 per liter for gasoline, P12.15 per liter for diesel and P10.70 per liter for kerosene, based on data from the Department of Energy.

In the international market, Brent crude fell to its weakest since Sept. 24 at $79.80 during this week’s trading, reflecting the weakness in the US equity markets, Reuters reported.

A report from the International Energy Agency, which said supply is adequate for now and demand outlook is weakening, also pulled down the global crude price benchmark.