Oil firms roll back pump prices

The Philippine Star - - FRONT PAGE - By DANESSA RIVERA

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.

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