MANILA, Philippines - Oil giants Petron Corp. and Pilipinas Shell and small player Seaoil Philippines will roll back prices of their petroleum products, except premium gasoline, starting at 6 a.m. today.
Meanwhile, distributors and refillers of cooking gas yesterday slashed anew the price of liquefied petroleum gas (LPG) by P2 per kilogram.
Officials of the two oil firms said the prices of diesel will be reduced by 50 centavos per liter, kerosene by 40 centavos and regular gasoline by 30 centavos per liter.
“This is to reflect (price) movements in the international oil market,” Petron said in a text message to The STAR.
But the oil firm implemented a 30-centavo increase in the prices of its premium gasoline Blaze 100, XCS and Xtra.
“Week-on-week, Dubai crude price decreased more than a dollar, and diesel, slightly by only about $0.10 per barrel,” the Department of Energy (DOE) said.
“On the contrary, gasoline increased by more than a dollar compared to the previous week,” it added.
Arnel Ty, president of the LPG Marketers’ Association (LPGMA), said the P2 rollback in LPG price translates to a P22 price reduction for every 11-kg cylinder of liquefied petroleum gas (LPG).
Last week, a number of oil companies cut the selling prices of LPG due to lower contract prices in the international market.
On April 1, Petron Corp. marked down its LPG price by P9.52 per kg., Liquigaz by P9 per kg., Pryce Gases by P5.50 per kg., Petronas Gas by P8.51 per kg. and Total Philippines by P9.52 per kg.
Data from the DOE showed that the contract price for LPG slipped to $993 per metric ton from a record-high $1,195 per MT in March.
Members of LPGMA reduced for a number of times the price of LPG by P1 per kg. as early as March. LPGMA lists Island Gas, Regasco Gas, Pinnacle Gas, Cat Gas, M-Gas, Omni Gas and Nation Gas as members.
Under the Downstream Oil Industry Deregulation Act of 1998, oil firms can price their products based on market forces so as to encourage competition. The deregulation law prohibits the government from intervening or influencing the pricing schemes of oil companies.
The DOE, however, requested oil firms to report to the department any price adjustment before its implementation.