SeaOil, Unioil cut diesel by P2

MANILA, Philippines – SeaOil Petroleum Corp. has reduced anew the pump prices of diesel by P2 per liter yesterday, bringing the firm’s total rollback of diesel products to P3 per liter this week.

No adjustment, however, was made in the prices of gasoline and kerosene.

Unioil Petroleum Corp. also adjusted diesel prices yesterday by P2 per liter and gasoline prices by P1 per liter.

Last week, Unioil implemented a P2 rollback for diesel and kerosene. Last month, it reduced prices by P3 per liter for gasoline and P2 for diesel and kerosene.

Flying V Petroleum reduced diesel prices by P3 per liter, and gasoline prices went down by P1 per liter last Thursday. The rest of the market was content with a P1 per liter price reduction.

However, Pilipinas Shell Petroleum Corp., Chevron/Caltex Philippines, Petron Corp., and Total Philippines have not reduced prices of all petroleum products.

This is the first time that the pump prices of the new oil players are way below the rates of the major oil firms.

“Market forces and the softening of global oil prices forced us to make the adjustments,” said Rey Jimenez, SeaOil brand group manager.

Jimenez added that they are merely reflecting the real values of finished petroleum products in the world market.

New players import finished petroleum products mainly from Asian and Middle East suppliers.

Petron and Pilipinas Shell are refiners of imported crude or raw petroleum products. Total and Chevron likewise import finished or refined petroleum products but from their regional principals.

Dubai crude fell to $61.62 per barrel last Oct. 16, thus averaging to $75.24 per barrel for the month of October and $95.90 per barrel for the month of September. It was averaging $112.86 per barrel in August.

Brent and WTI remained in the $70 per barrel range, which most analysts say will be the real range of crude in the world market.