Local oil firms extended their rollback for a third consecutive week as pump prices were reduced anew over the weekend.
Announcing price cuts of P0.90 per liter on premium gasoline (including unleaded), diesel and P1 per liter on kerosene were big oil players Pilipinas Shell, Chevron Philippines and small oil player Eastern Petroleum Philippines.
Separate price advisories from the oil companies sent today bared that the rollbacks would take effect at 12:01 a.m. tomorrow, Sunday. There were no price adjustments for regular gasoline.
Initiating the latest round of rollbacks, however, were Seaoil Philippines and Flying V Philippines. At past midnight today, the two independent players shed premium, unleaded and kerosene prices by P1 per liter, diesel by P0.90 and regular by P0.50 per liter.
So far, the oil companies have slashed prices three times in as many weeks, which each adjustment coming during weekends. They said that movements in the international market paved the way for the latest decrease.
According to the Department of Energy (DoE), the average price of gasoline as of Friday stood at P53.05 per liter while that of diesel was pegged at P41.70 per liter.
The continued rollbacks have been chipping away at this year’s net increases for both diesel and gasoline, which as of Friday was at P1.85 per liter for gasoline and P0.55 per liter for diesel.
Also recently taking a dive was the price of liquefied petroleum gas (LPG) or more popularly known as cooking gas. Last March 1, LPG companies pulled down prices by P0.60 per kilo or P6.60 for every 11-kilo household cylinder.
The DoE said that this was due to the decrease in LPG contract price for March, which settled at $895 per metric ton (MT) from $910 per MT last February.