OIL firms on Sunday reduced the price of petroleum products to reflect movements in international oil prices.
Petron Corp., Pilipinas Shell and Caltex Philippines implemented a P1.45-per-liter reduction in gasoline, P0.70 per liter in diesel, and P0.90 per liter in kerosene effective 12:01 a.m. of August 30.
Seaoil, PTT Philippines, Total Philippines, Phoenix Petroleum carried out similar reductions, but implemented them starting 6 a.m.
According to the Department of Energy (DOE), global oversupply and record stockpile levels continued to drive the unabated downtrend in crude-oil prices.
Asia’s price benchmark Dubai crude dived to around $46 per barrel.
International oil market analysts have said that the recent drop in the price of oil confirms the commitment of global producers to keep their high levels of production. Although prices may rebound in some weeks, the downward price trend will likely continue into next year, unless there are signs of significant demand or reduction in global supply, the DOE said.
Reports also disclosed that a steady drumbeat of economic data out of China, suggesting the sluggish condition of the world’s second- largest economy, is adding to the downward pressure on oil prices.
Overall, Dubai crude decreased week-on-week by more than $2 per barrel. MOPS gasoline and diesel also decreased by about $4.50 and $2.00 per barrel, respectively.
Image credits: Petron Corp.’s web site