By Myrna M. Velasco
The country’s oil companies have rolled back prices at the pumps again this week – with the heftiest cut implemented on kerosene products at ₱1.40 per liter, as announced by the industry players.
For diesel products, the enforced cost reduction had been at ₱0.60 per liter; and then for gasoline at ₱0.30 per liter.
As of this writing, the oil firms that already announced rollbacks in their pump prices include Pilipinas Shell Petroleum Corporation, Seaoil, Cleanfuel, PetroGazz, PTT, Total and Chevron with varying timeframes from Sunday (February 9) to Tuesday (February 11).
The rest of the industry players are anticipated to follow the price trends set off by their competitors, as had always been the weekly routine in the sector.
There had been continuing downtrend in pump prices in the past weeks given the sliding prices of oil commodities in the world market – which had already been dented partly by the global coronavirus epidemic.
As of Friday (February 7) trading, the Dubai crude which is the pricing reference for Asian oil markets, was at US$54 per barrel. And in some trading days last week, it had gone to as low as US$52 per barrel.