Seven oil companies will rollback prices of their diesel product on Tuesday.
Pilipinas Shell Petroleum Corp. (PSPC), Phoenix Petroleum Philippines, Eastern Petroleum, Petron Corp., Seaoil, Chevron Philippines Inc. (CPI) and PTT Philippines will cut diesel prices by P0.50.
Shell, Eastern Petroleum, Petron, Seaoil, CPI and PTT Philippines will reduce rates at 12:01 a.m., while Phoenix Petroleum will decrease prices at 6 a.m.
Moreover, PSPC, Petron Corp. and CPI said they will reduce prices of kerosene products by P0.75 per liter, while citing no change on their gas products.
On the other hand, Eastern Petroleum said it will lower its LPG price by P11 on its 11-kilogram cylinder.
Energy Undersecretary Zenaida Monsada said diesel prices have decreased by P15.08 for the last 11 months.
Also, she has hinted that gasoline prices might increase due to its increasing trend in the global markets.
Monsada explained that the Organization of the Petroleum Exporting Countries decision to global trading would affect the Philippine market, as the local prices of fuel products are projected to move in sync with international trends due to the country’s huge reliance on imported fuel.
“What happened in the early part last week, traders were expecting an agreement to cut production because the price of oil is low. So, the price was high in the beginning of the week and then as the indications toward the consensus for no supply cut, the prices decreased…. The current indications are, it will further decrease because there is no reason for it to increase,” Monsada said.
PNA