Fuel prices dip further

MANILA, Philippines — More oil companies implemented significant price rollbacks for the third consecutive week today.

In separate advisories, oil firms announced gasoline prices would be slashed by P2.45 per liter, diesel by P2.70 and kerosene by P2.60 per liter.

Caltex Philippines said its price rollback took effect at 12:01 a.m.

Eastern Petroleum, Pilipinas Shell Petroleum Corp., Petro Gazz, PTT Philippines, Total Philippines and Unioil said their price adjustments were effective at 6 a.m.

Phoenix Petroleum Philippines implemented price reductions Saturday.

Seaoil Philippines rolled back prices at 12:01 a.m. yesterday.

During last week’s trading, global crude prices slipped to their January lows due to surging supply in the market and fears about slowing demand.

Brent crude hovered around the $60 per barrel level because of the trade war between the US and China, US-Mexico trade tension and worsening fears of a slowdown in the global economy.

Last week, oil companies slashed gasoline prices by P1.70 per liter, diesel by P1.00 per liter and kerosene by P1.05 per liter. 

Prior to this week’s price cuts, year-to-date adjustments stood at a net increase of P5.50 per liter for gasoline, P4.70 per liter for diesel and P3 per liter for kerosene, based on data from the Department of Energy.