MANILA, Philippines - Oil companies will implement another round of oil price rollbacks effective early morning today.
In separate advisories issued yesterday, local petroleum players announced a price cut of P0.35 per liter for diesel and P0.15 per liter for gasoline.
Pilipinas Shell Petroleum Corp. made the first announcement followed by Petron Corp., the country’s biggest oil refiner, and Chevron Philippines, owner of Caltex, as well as other independent oil players.
“Petron will implement the following price rollbacks: P0.35 per liter for Turbo Diesel, DieselMax and kerosene, and P0.15 per liter for Blaze 100 Euro 4, XCS, Xtra Advance and Super Xtra,” it said.
“These reflect movements in the prices of refined petroleum products in the world market,” it added.
Chevron Philippines Inc. rolled back prices of Gold and Silver by P0.15 per liter and diesel and kerosene by P0.35 per liter, inclusive of VAT.
Phoenix Petroleum Philippines slashed the prices of diesel by P0.35 per liter and gasoline by P0.15 per liter effective at 6 a.m. today.
PTT Philippines, the local subsidiary of Thailand’s biggest oil firm, will also implement a similar rollback.
The latest round of oil price cuts comes on the back of stable supply in the global crude market.
Based on the Department of Energy’s latest oil price monitoring report, gasoline prices range from P47.85 to P54.60 per liter while diesel prices range from P38.83 to P42.50 per liter.