Prices of diesel, gas, kerosene rolled back P1

MANILA, Philippines – Pilipinas Shell Petroleum Corp., Chevron/Caltex Philippines, Petron Corp., Total Philippines, Sea-Oil Petroleum, and Eastern Petroleum Corp. have reduced pump prices of diesel, gasoline and kerosene by P1 per liter yesterday.

It is the 12th rollback of pump prices on average since July this year.

Going against the tide was new oil player Flying V which decided to reduce its diesel prices by P3 per liter, and gasoline prices were dropped by P1 per liter.

Unioil Petroleum Philippines, another new player, remained uncommitted as of presstime.

Dubai crude fell to $78 per barrel on Oct. 14 which is well below the September average of $95.90 per barrel and the August average of $112.86 per barrel.

Unleaded gasoline prices based on the import benchmark Mean of Platts Singapore (MOPS) also fell to $92 per barrel as of Oct. 12 versus the September average of $107.10 per barrel and the August average of $115.49 per barrel.

MOPS diesel prices likewise plummeted to $97 per barrel, way lower than the September average of $121.04 per barrel and the August average of $135.26 per barrel.

Latest data also indicate that prices of imported liquefied petroleum gas (LPG) continued to weaken.

The October average so far stood at $804 per metric ton against a full September average of $828 per mt, and the August average of $881 per mt.

Meanwhile, Unioil Petroleum Corp. in a statement said that it has been cleared of any smuggling charges.

Oilink counsel and Unioil spokesman Raymond Zorilla said that Unioil products stored with Oilink have been released.

“We were confident that the Presidential Anti-Smuggling Group (PASG) will bear us out after the presentation of documents,” he said.

“We are one with the PASG in its drive to ferret out smuggling and we shall help them in any way we can.”

Zorilla said that the PASG might have been misled into conducting the operation against Oilink and the temporary holding of Unioil’s products.

The PASG has reportedly cleared Unioil and ordered the release of all its diesel products stored at the terminal of Oilink in Lucanin, Mariveles, Bataan.

The PASG, accompanied by suspended district collector Edward Baltazar, raided the Oilink terminal and sealed four tanks leased by Unioil allegedly for unpaid taxes.

However, Customs Commissioner Napoleon Morales the other day cleared Unioil of any liability. 

The BOC has documents to prove that Unioil has paid the required duties and taxes of more than P245 million, the Unioil statement said.