Local oil companies have started reducing prices ahead of the New Year.
They reduced diesel prices by P1.80 per liter; gasoline by P1.30 per liter; and kerosene prices by P1.90 per liter.
Three oil firms – Unioil Petroleum, Seaoil, and Phoenix Petroleum – reduced prices yesterday at 6 a.m., followed by PetroGazz tomorrow at 6 a.m.
The rest of the industry players are anticipated to follow.
Prior to this latest price reductions, DoE monitoring showed that diesel prices ranged from P36.20 to P43.83 per liter; gasoline at P41.55 to P56 per liter; and kerosene at P41.32 to P51.40 per liter.
Cooking fuel Liquefied Petroleum Gas is also anticipated to go down in January due to softening of contract prices in the world market.
The pricing benchmark for LPG in the Philippine market is the contract prices of Saudi Aramco which is the same reference point applied by other markets in the Asian region. (Myrna M. Velasco)