Motorists are in for another slight treat this week as the prices of gasoline at the pumps will be down by P0.45 to P0.60 per liter and diesel by P0.10 to P0.20 per liter.
In this week’s round of price cuts, the initiator is independent player Cleanfuel starting last Sunday (Oct. 27), implementing at 4:01 p.m. a P0.60 per liter rollback for gasoline and P0.20 per liter for diesel.
This is an oil company which is preferred by many drivers of the public transport sector because it is deemed to be selling petroleum products cheaper than the rest of the industry competitors.
Major player Pilipinas Shell Petroleum Corp. followed with leaner price cuts of P0.45 per liter for gasoline and P0.10 per liter for diesel. Shell was followed by Seaoil, PTT Philippines, Total, PetroGazz, and Phoenix Petroleum.
The rest of the industry players are anticipated to rollback pump prices Monday starting at 6 p.m. being their weekly routine.
There had been continued seesaw in prices in the world market – with the price of Dubai crude swinging from $57 to $59 per barrel level last week.
The value of the local currency has also been improving versus the US dollar, hence, that adds to portended softening of pump prices in the Philippine oil market.
After touching at a higher base of $59 per barrel in some trading days, the price of benchmark Dubai crude had tapered off to $58 per barrel last Friday (Oct. 25).
Global analysts have been noting that oil prices are being pulled in every direction because of varying geopolitical and economic factors affecting prices in the market.
In the Philippines, industry battle lines are still focused on pricing, with the Department of Energy digging in the ribs of the oil companies to be more transparent in their pricing parameters. (Myrna Velasco)
