MANILA, Philippines - Petron Corp. yesterday announced the biggest oil price rollback for the year: P2.25 per liter for diesel and P2.50 per liter for gasoline effective midnight last night.
Petron, the country’s biggest oil refiner, announced the hefty price cut ahead of the onslaught of Typhoon Ruby, which is expected to make landfall today.
“Petron will implement the following price rollbacks effective 12:01 a.m., Dec. 7: P2.50 per liter for Blaze 100 Euro 4, XCS, Xtra Advance and Super Xtra and P2.25 per liter for Turbo Diesel, DieselMax and Kerosene. These reflect movements in the international oil market,” Petron said in its announcement.
Other oil firms are expected to announce similar price cuts.
Energy Undersecretary Zenaida Monsada said the latest oil price cut marks the biggest rollback since the start of the year.
With the latest price cut, oil prices are now at a range of P31.15 to P34.60 per liter for diesel while gasoline prices range from P39.60 to P45.70 per liter.
In its latest oil price monitoring report, the Department of Energy said crude oil prices have slipped lower, ranging from $74 to $77 per barrel during the week on increased crude exports of Saudi Arabia despite signs of an oversupplied market.
“Also, OPEC (Organization of the Petroleum Exporting Countries) producers appeared divided ahead of its Nov. 27 meeting in Vienna to discuss output. OPEC heavyweight Saudi Arabia has so far shown no indication that it will support a reduction in OPEC production as planned by other OPEC members. Venezuela and Ecuador have called publicly for a cut while Iran has hinted at a need to reduce output as oil producing countries see their incomes slide,” the DOE said.
It also noted that Asian gasoline supply remained sufficient, amid steady regional production and even as barrels of blending components from Europe head to Asia.