Oil firms roll back prices
Motorists will have another early Christmas treat this week after local oil companies announced big-time rollbacks in the pump prices of petroleum products by nearly P2 per liter effective on Tuesday.
In separate advisories, the oil companies slashed the pump price of gasoline by P1.60 per liter and diesel by P1.85 per liter. The price of kerosene likewise declined by P1.40 per liter.
CleanFuel and Caltex implemented the rollbacks at 12:01 a.m., followed by Shell and Seaoil at 6 a.m.
This comes after the Organization of the Petroleum Exporting Countries (Opec) expressed their “weakening position” on the extension of supply cuts, according to the Department of Energy (DOE).
Opec has been implementing production cuts of 5.96 million barrels per day since August this year.
Citing S&P Global Platts projections, the DOE also said world oil supply would likely continue to be “more than the world oil demand” until the first quarter of 2024.
However, the market remained cautious due to the call of major oil exporter Saudi Arabia for output cuts, the agency added.
Last week, the price of gasoline rose by P0.30 per liter, while diesel declined by P0.30 per liter. The price of kerosene, meanwhile, climbed by P0.20 per liter.
This resulted in a year-to-date net increase of P12.60 per liter for gasoline, P5.70 per liter for diesel and P1.94 per liter for kerosene. INQ
