MANILA, Philippines — In separate advisories, oil companies implemented a rollback on pump prices of P0.25 per liter for gasoline, P0.45 for diesel and P0.90 for kerosene.
Today’s adjustment takes effect at 6 a.m. with Jetti, Seaoil, PetroGazz and Shell. CleanFuel’s price cuts take effect at 12:01 a.m.
The decrease was forecast last Friday by Department of Energy (DOE) Oil Industry Management Bureau assistant director Rodela Romero.
The lower prices are attributed to geopolitical events, namely the “easing fears” of an Iran-Israel escalation, said Romero.
Last week, an Iranian official said they have no immediate plans on retaliation against Israel following a drone strike.
Moreover, the “uncertainty in the demand outlook” in the oil market as well as the increase in the crude inventory of the United States relieved oil prices for next week.
Romero added that global economic indicators, like China’s consumer price index, shrank, and the drop in US durable goods data reading lowered oil prices this week.
“But energy analysts say that volatility on oil prices still prevails,” she said.
Last week, oil companies implemented a mix adjustment on pump prices with gasoline increasing by P0.55 per liter, while diesel and kerosene decreased by P0.95 and P1.10 per liter, respectively.
According to the DOE’s oil monitor as of last week, year-to-date adjustment of gasoline, diesel and kerosene stood at a per liter net increase of P10.25, P6.05 and P1.15, respectively.