MANILA, Philippines - Oil companies will slash prices of petroleum products effective today, marking the fourth consecutive week of price rollback.
Oil prices will be lower by P0.50 per liter for gasoline, P0.20 per liter for diesel and P0.25 per liter for kerosene.
In its advisory, Petron said it will implement the following price rollback: P0.50 per liter for Super Xtra, Xtra Advance, XCS and Blaze 100 Euro 4; P0.20 per liter for Turbo Diesel and Diesel Max, and P0.25 per liter for kerosene.
Phoenix Petroleum will implement similar price adjustments to reflect the softening in the prices of refined petroleum products in the world market.
PTT Philippines, the local subsidiary of Thailand’s biggest oil firm, said weaker than expected US and Chinese economic indicators for January raised speculation of a weaker demand.
On the other hand, the reported possible increase of oil exports from Libya raised speculation of an increase in supply.