OIL firms are implementing another round of oil-price rollback, the fourth consecutive adjustment for the month, at 12:01 a.m. on Tuesday.
In separate advisories, the petroleum companies said gasoline prices will be slashed by P0.10 per liter; diesel price by P0.35 per liter; and kerosene by P0.30 per liter.
“This is to reflect movements in the international petroleum market,” they said in separate announcements.
Just last week, the oil companies implemented price reductions in gasoline by P0.55 per liter and P0.75 per liter in diesel and kerosene. This brought year-to-date adjustments to net increases of P1.04 per liter and P4.63 per liter for gasoline and diesel, respectively.
Oil firms adjust their prices on a weekly basis to reflect prices of imported oil products that arrive in the country. It takes a week for the oil companies to bring their products to the market from the time they import the products.
Based on Department of Energy (DOE) monitoring, supply in the international oil market remained on the rise.
Demand was weak. The DOE also said heavy rains muted requirements in India and China. Indonesia also has weaker demand for gasoline. There is also lack of demand for diesel both within and beyond the Asian region.
Moreover, Chinese refineries cut diesel output due to limited consumption in the mining, construction and manufacturing sectors. Therefore, the DOE said over the weekend, domestic price may fall, supported by a stronger peso.