Oil firms roll back pump prices

MANILA, Philippines - Oil companies yesterday announced a price rollback for gasoline, kerosene and diesel effective today amid an improving supply in the global crude market.

Pilipinas Shell Petroleum Corp. (Shell) was the first to announce a rollback of 85 centavos per liter for gasoline, and 55 centavos per liter for kerosene and diesel.

Petron Corp., the country’s biggest oil refiner, and Seaoil Philippines said they would also implement the same price rollback.

“This reflects movements in the international oil market and a stronger peso,” Petron added.

Independent oil player Phoenix Petroleum said they would decrease the prices of gasoline by 85 centavos per liter and diesel by 55 centavos per liter starting at 6 a.m. today “to reflect the continued softening in the prices of refined petroleum products in the international market.”

PTT Philippines made a similar announcement.

The Department of Energy (DOE)’s latest monitoring report showed that diesel prices are now at P42.40 to P45.80 per liter while gasoline prices are at P50.10 to P56.20 per liter.

The DOE said world crude prices have sustained marginal declines as reports showed that US economic growth slowed to 0.1 percent in the first quarter of the year, and oil supplies in the US rose to record levels.

“On the supply side, rising oil exports by Libya, though still far from earlier levels of near 1.4 million barrels per day, also contributed to the drop in prices. Libya’s National Oil Corp. reported that the country’s current exports rose to 285,000 barrels a day, from 230,000 barrels a day in the first half of April,” the DOE added.