Philippine Oil Companies Roll Back Prices Amid International Price Decrease

Strategic Insights -

The Philippine oil industry witnessed a new round of price reduction on Tuesday, as Pilipinas Shell Petroleum Corp., Petron Corp., Total Philippines, and Seaoil Philippines lowered the prices of their petroleum products, citing a decrease in international crude oil prices. According to the Department of Energy, the new prices for unleaded gasoline range from P31.75 to P39.57 per liter, diesel from P23.85 to P30.85 per liter, and kerosene from P32.99 to P36.75 per liter. This latest price adjustment follows a previous reduction of P1 per liter on gasoline last week.

Key Takeaways:

  • The price reduction of P1.50 per liter for gasoline, and 25 centavos per liter for both diesel and kerosene, was implemented by four major oil companies: Pilipinas Shell Petroleum Corp., Petron Corp., Total Philippines, and Seaoil Philippines.
  • The price cut was allegedly to reflect the reduction in international prices of crude oil.
  • Shell vice president for communication, Roberto Kanapi, attributed the price decrease to a reduction in international prices.
  • Shell also rolled back the prices of its liquefied petroleum gas (LPG) by 40 centavos per kg.
  • The Department of Energy monitored prices in the market, showing a range of prices for unleaded gasoline, diesel, and kerosene.
  • The National Economic Development Authority accused the oil firms of overpricing by P8 their fuel products.
  • The previous price reduction of P1 per liter on gasoline occurred last week.

Statistics:

  • The price rollback for gasoline was P1.50 per liter, while for diesel and kerosene it was 25 centavos per liter.
  • The international prices of crude oil reportedly decreased, prompting the oil companies to lower their prices.
  • Pilipinas Shell Petroleum Corp. reduced the price of LPG by 40 centavos per kg.
  • The Department of Energy monitored prices showing a range of:

+ Unleaded gasoline: P31.75 to P39.57 per liter

+ Diesel: P23.85 to P30.85 per liter

+ Kerosene: P32.99 to P36.75 per liter

  • The National Economic Development Authority accused oil firms of overpricing by P8.

Sources:

  • (PNA)
  • Asia Pulse