Oil firms cut prices by 10 to 30 centavos
After last week’s mixed price adjustment, oil companies will be implementing a minor reduction ranging from 10 centavos to 30 centavos in the prices of their petroleum products effective on Feb. 11.
In separate advisories on Monday, Jetti, Seaoil, Shell Pilipinas, Caltex and Petro Gazz said that per liter, the prices of both gasoline and diesel would be cut by 10 centavos and kerosene by 30 centavos.
Leo Bellas, Jetti Petroleum president, earlier said the potential downward adjustments in pump prices could be attributed to recent decisions made by US President Donald Trump, particularly pausing tariffs on Canada and Mexico.
“Weak demand concerns in the United States following a larger-than-expected [buildup] in crude oil and gasoline stockpiles, and worries that the renewed China-US trade war could slow down economic growth and dampen demand for oil further pressured prices,” he added.
However, Bellas said on Monday the actual price cuts were in the “lower range” of previous estimates ranging from five centavos to 40 centavos due to “a rise in freight (from refineries to traders, and traders to buyers).”
Last week, fuel retailers implemented mixed price adjustments. Per liter, the price of gasoline went up by 70 centavos while diesel and kerosene, on the other hand, went down by P1.15 and 90 centavos, respectively.
