Oil firms roll back pump prices today

MANILA, Philippines - Oil companies are rolling back prices of petroleum products today, tracking the downtrend in global markets over doubts on whether oil producers will cut back on supply as agreed.

The rollback for diesel came after seven consecutive weeks of price hikes. For kerosene, it is the second successive week.

Pilipinas Shell Petroleum Corp. reduced gasoline prices by P0.20 per liter, diesel prices by P0.35 per liter and kerosene by P0.40 per liter at 6 a.m.

Flying V said it would implement the same price adjustments starting at 12:01 a.m.

Gasoline prices for Petron were reduced by P0.30 per liter and diesel by P0.35 per liter starting 6 a.m.

In separate advisories, Eastern Petroleum Corp., Phoenix Petroleum Philippines and PTT Philippines said gasoline prices will be reduced by P0.20 per liter and diesel prices lowered by P0.35 per liter effective 6 a.m.

UniOil Petroleum Philippines also implemented a P0.30 per liter reduction on EuroGasoline products and a P0.35-per liter decrease on EuroDiesel starting 6:01 a.m.

SeaOil Philippines has yet to make an announcement but is expected to implement similar price adjustments.

A Reuters report said global oil prices ended the last trading week three percent lower owing to doubts on whether the Organization of Petroleum Exporting Countries (OPEC) and other producers would follow the agreement to cut oil production starting this year.

Among big oil producers, only top crude exporter Saudi Arabia reported a reduction in output two weeks into 2017 while Libya increased its production by around 50,000 barrels per day.

A drop in the overall exports of China, which is the world’s second largest oil consumer, also helped drag oil prices down.