Fuel prices rolled back today

Oil companies implemented early today minimal price cuts on fuel products, reflecting trends in the global market.

In a text advisory, Pilipinas Shell Petroleum Corp. said it reduced gasoline prices by P0.20 per liter, kerosene by P0.50 per liter and diesel by P0.60 per liter effective 6 a.m.

In a separate advisory, Petron Corp. said it implemented the same price adjustments also effective 6 a.m.

SeaOil Philippines Inc. and Flying V implemented the same price reductions on their fuel products starting 12:01 a.m.

“This is to reflect movements in the international petroleum market,” the oil firms said.

Meanwhile, Eastern Petroleum Corp. and PTT Philippines Corp. decreased gasoline prices by P0.20 per liter and diesel prices by P0.60 per liter effective 6 a.m.

Phoenix Petroleum Philippines Inc. rolled back prices yesterday.

Total Philippines Corp. and UniOil Petroleum Philippines Inc. have yet to announce their respective price cuts as of yesterday.

In a text message, Department of EnergyOil Industry Management Bureau director Melita Obillo said this week’s lower prices were caused by high drilling activity in the US, ample supply in the market and weak compliance with regard to output cuts among members of the Organization of the Petroleum Exporting Countries (OPEC).

According to Reuters, oil prices edged lower last Friday amid high inventories and improving industry efficiency.

Crude prices have remained at November levels, when OPEC and non-members decided to reduce output to tighten the market and prop up prices.