Pump prices down anew

MANILA, Philippines - Oil companies yesterday announced a 40-centavo per liter rollback for gasoline and diesel and 50 centavos per liter for kerosene.

“Petron will implement the following rollbacks effective 12:01 a.m. Aug. 26 — P0.40 per liter for Blaze 100 Euro 4, XCS, Xtra Advance and Super Xtra, P0.40 per liter for Turbo Diesel and Diesel Max and P0.50 per liter for kerosene. These reflect movements in the international oil market,” Petron said in an advisory.

Other oil companies, including Chevron Philippines and independent oil players Phoenix Petroleum and PTT Philippines, also issued similar announcements.

“Phoenix Petroleum Philippines will decrease the prices of diesel and gasoline by P0.40 per liter effective 6 a.m. of Aug. 26 to reflect the decline in the prices of refined petroleum products in the international market,” according to its advisory.

 “PTT Philippines will roll back pump prices of both gasoline and diesel products by P0.40 per liter effective 12:01 a.m.,” PTT said.

In its latest oil monitoring report, the Department of Energy (DOE) noted the ample supply of gasoline and little fresh demand in the Asian market.

“The spike in supply is due to the return of several refineries in the region from planned maintenance. In addition, demand had declined as it was the end of the peak buying season in Asia,” the DOE said.

Asia and Middle East gasoline and diesel markets remained oversupplied as demand failed to absorb the cargoes available in the region, it added.

“Abundant supply kept market sentiment weak even as the region saw a slight uplift in demand. Exports from Thailand, Taiwan and India as well as cargoes from the Middle East were contributing to the supply glut in the region, while demand is struggling to keep pace,” it said.

Last week, oil companies also cut prices of diesel by 40 centavos per liter and 35 centavos per liter for kerosene but kept gasoline prices unchanged.

With the latest price cut, the price of diesel is now P41.60 per liter from P40 per liter while the price of gasoline is now P51.75 from P52.15 per liter.