Oil Companies Roll Back Prices Amid International Market Decline

Strategic Insights -

Despite the global oil market fluctuations, major oil companies in the Philippines have rolled back the prices of petroleum products, reflecting the downward trend in international crude oil prices. Pilipinas Shell Petroleum Corp., Petron Corp., Total Philippines, and Chevron Philippines have reduced their diesel, kerosene, and gasoline prices by varying amounts, while Thailand-based PTT Philippines also joined the price cut. The Department of Energy has been monitoring the fuel prices, which remain stable, and independent oil player Seaoil Philippines has already reduced diesel prices last week. The price adjustments are a result of the decline in international crude oil prices, with Dubai crude standing at $43 per barrel as of February 26.

Key Takeaways:

  • Pilipinas Shell Petroleum Corp., Petron Corp., Total Philippines, and Chevron Philippines reduced diesel and kerosene prices by P1 per liter, gasoline by 50 centavos per liter, and liquefied petroleum gas by P2 per liter.
  • PTT Philippines also slashed gasoline prices by 50 centavos per liter and diesel and kerosene prices by P1 per liter.
  • Shell and PTT price rollbacks took effect as early as 12:01 a.m. Monday, while Petron, Total, and Chevron implemented their price cut at 6 a.m. Monday.
  • Seaoil Philippines reduced diesel prices by P3 per liter last week.
  • Department of Energy (DoE) monitoring indicates that pump prices of gasoline remain stable, selling at P30 to P36 per liter, diesel at P22 to P28 per liter, and kerosene at P32 to P36 per liter.
  • Dubai crude stood at $43 per barrel as of February 26, lower than the $44 per barrel average for January.
  • LPG prices are expected to further drop this month, with LPGMA members slashing prices by P2 per kg last week.

Statistics:

  • Dubai crude price: $43 per barrel (as of February 26)
  • Average Dubai crude price for January: $44 per barrel
  • LPG prices for cooking gas (February 23): P508 to P580 for an 11-kilogram cylinder tank
  • Price cuts by major oil companies:

+ Diesel and kerosene: P1 per liter

+ Gasoline: 50 centavos per liter

+ Liquefied petroleum gas (LPG): P2 per liter

Sources:

  • (PNA) Asia Pulse, March 3 (no specific date mentioned in the original text)
  • Arnel Ty, president of LPG Marketers Association (LPGMA) (no specific date mentioned in the original text)