THE Department of Energy (DOE) is expecting another round of price cut in petroleum products this Tuesday—mainly owing to abundant supply in the international oil market.
Director Melita V. Obillo of the Oil Industry Management Bureau, in a text message, said the price rollback would range from P0.60 to P0.80 per liter on all petroleum products.
Based on DOE monitoring during the first four trading days of last week, there was abundant supply of oil in the United States, China, India and some parts in Asia. Besides oversupply, demand was weak, it said. “Domestic price may fall,” the agency said on Friday.
Meanwhile, Petron Corp. said on Friday night it would implement a P0.70-per-kilogram price rollback in cooking liquefied petroleum gas (LPG) and P0.40 per liter for its auto LPG by P0.40 per liter on August 1.
On July 26 most local oil companies implemented price rollbacks in gasoline by P0.10 per liter, diesel by P0.35 per liter and kerosene by P0.30 per liter.
These price movements brought the year-to-date adjustments to net increase in gasoline by P0.94 per liter and diesel by P4.28 per liter. LPG remains at net decrease of P7.78 per kilo.