P0.60 price cut for gas, P0.10 for diesel

MANILA, Philippines — Oil companies will implement a rollback of pump prices today.

Separate advisories announced price cuts of P0.60 per liter for gasoline, P0.10 per liter for diesel and P0.40 per liter for kerosene.

The cuts take effect at 6 a.m. with Jetti, PetroGazz, SeaOil and Shell. Caltex and CleanFuel have implemented the adjustment at 12:01 a.m.

The rollback price was different from estimations by the Department of Energy (DOE)-Oil Industry Management Bureau assistant director Rodela Romero, following the four-day trading of Mean of Platts Singapore.

Last Friday, Romero estimated an oil price decrease of around P1 to P1.20 per liter for gasoline, P0.40 to P0.60 per liter for diesel and P0.45 to P0.65 per liter for kerosene.

However, the DOE official said the price estimates are likely to change due to previous trading.

The rollback, according to Romero, can be attributed to the buildup of US crude inventories, the increase of US oil production and the slowing oil demand growth.

Last week, pump prices for fuel increased by P0.75 per liter for gasoline, P1.50 for diesel and P0.75 and P0.80 for kerosene.