Domestic pump prices will be on a rollback this week at P0.45 per liter for diesel and P0.35 per liter for gasoline products, oil companies have announced.
The price reduction has been heftier for kerosene products this week at P0.60 per liter based also on the latest pricing advisory of the industry players.
Oil companies that have cut pump prices include Seaoil Philippines, Phoenix Petroleum, Pilipinas Shell Petroleum Corp., and PetroGazz. The rest of the industry players are anticipated to follow.
It was generally a seesaw in prices that Filipino consumers had experienced this month – with series of rollbacks in the initial weeks, then hefty price increases last week prior to this new batch of downward swing in prices.
Beyond these petroleum commodities, the Department of Energy is similarly anticipating that the price of cooking fuel Liquefied Petroleum Gas will be on another downtrend this June although it is still assessing the scale of cost reduction.
The benchmark applied in LPG cost movements is hinged on the Saudi Aramco contract prices, which is also generally applied as reference for Asian LPG markets. Domestically, LPG prices move on a monthly basis.
Prices in the world market softened in the latter part of trading days last week and that warranted the bigger-than-anticipated price rollbacks in oil products this week.
Dubai crude, which is the pricing reference for Asian refiners, reverted to the $69 per barrel level after it climbed to more than $71 per barrel last month. (Myrna Velasco)
