Pump prices rolled back today

MANILA, Philippines — Oil companies have imposed minimal price cuts across all fuel products as global developments weighed.

In separate advisories, oil firms announced that gasoline prices would be rolled back by P0.25 per liter, diesel by P0.20 per liter and kerosene by P0.40 per liter.

Caltex Philippines and Cleanfuel implemented their price adjustments across fuel products at 12:01 a.m.

Eastern Petroleum, Petro Gazz, Phoenix Petroleum Philippines, Pilipinas Shell Petroleum Corp., PTT Philippines and Total Philippines rolled back pump prices at 6 a.m.

Meanwhile, Seaoil Philippines lowered pump prices yesterday.

Prior to this week’s price cuts, Department of Energy (DOE) data showed year-to-date adjustments stand at a net increase of P5.15 per liter for gasoline, P3.30 per liter for diesel and P1.75 per liter for kerosene.

The rising concern over the expected slowdown of China’s economy weighed down on international oil prices at the start of the past trading week.

Midweek, easing tension between the United States and Iran as stated by US President Donald Trump and the return of oil production in the Gulf of Mexico further dragged crude prices.

Offsetting the decline was the rising tension in the Middle East after the US said it had destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows, Reuters reported.