Oil firms implement rollback amid global crude price drop

MANILA, Philippines - Following several weeks of price hikes, oil companies rolled back pump prices today as global crude prices slipped on the back of growing US inventory and over tensions in the planned supply cut by the Organization of Petroleum Exporting Countries (OPEC).

Pilipinas Shell Petroleum Corp. said it would implement a fuel price rollback of P0.65 per liter on gasoline, P1.20 per liter on kerosene and P1.00 per liter on diesel effective 6 a.m.

In another text advisory, SeaOil Philippines Inc. announced a similar price adjustment also starting 12:01 a.m. “This is to reflect movements in the international petroleum market,” SeaOil said.

Meanwhile, Flying V’s price cuts will take effect at 12:01 a.m.

As of this writing, Petron Corp. has yet to make an announcement but it is expected to implement similar price adjustments.

In separate text advisories, Phoenix Petroleum Philippines and PTT Philippines announced a price reduction of P0.65 per liter on gasoline and P1.00 per liter on diesel effective 6 a.m.

Eastern Petroleum Corp. will have the same price cuts effective 12:01 a.m.

UniOil Petroleum Philippines Inc., on the other hand, will implement the same on gasoline and diesel products starting 6:01 a.m.

International oil prices settled around the $44 per barrel level last week due to robust level of US crude inventory and skepticism over the implementation of OPEC’s output reduction.

Reuters reported weekly buildup in US crude inventories stoked investor worries about a global supply glut while the rising tension between Saudi Arabia and Iran brought down hopes on the OPEC supply cut deal.