Oil firms roll back prices anew

MANILA, Philippines - Petron, Pilipinas Shell Petroleum, Sea-Oil Petroleum and Eastern Petroleum have reduced pump prices of premium and regular gasoline by P0.15 per liter, P0.90 per liter for diesel, and P0.70 per liter for kerosene products effective today.

Flying V Petroleum took a slightly different route, cutting prices of unleaded gasoline by P1 per liter, regular gasoline by 40 centavos, bio-diesel and kerosene by P1 per liter.

The other oil firms are expected to follow suit.

It is the second price rollback since Jan. 21,

after prices were increased three times the week before.

The estimated combined price reduction for premium gasoline is P0.35 per liter, diesel by P1.70 per liter, and P0.55 per liter for regular gasoline.

Meanwhile, the three price increases earlier resulted in a total increase of P2.30 per liter for premium gasoline, P2 per liter for regular gasoline, and P2.40 per liter for diesel and kerosene.

Meanwhile, the peso strengthened to P42.87 against the US dollar, while tensions in the Middle East slacked as other oil players increased production.

The Petroleum Association of Japan produced 24.14 million barrels of oil products in the week ending Jan. 14, which increased oil production by seven percent compared to the 22.56 million barrels during the previous week.

Diesel production from Jan. 8 to 14 was 3.9 million barrels, which went down from the previous week by 1.6 percent or 17.9 percent lower year-on-year.