MANILA, Philippines – A sigh of relief amid the MRT and LRT fare hike starting January 4 as oil firms announced the first rollback for the new year, effective Monday, January 5.
Oil firms announced separately a rollback on fuel prices, reflective of the latest movement in pump rates in the international market.
Eastern Petroleum, Petron, Phoenix Petroleum, PTT Philippines, Seaoil, and Unioil will slash P0.80 ($0.018*) per liter of diesel.
Flying V will also reduce biodiesel price by P0.80 ($0.018).
The same oil firms will also implement a P0.95 ($0.021) roll back per liter of gasoline.
Flying V, Petron, and Seaoil will also cut P1.25 ($0.028) per liter of kerosene.
Eastern Petroleum, Flying V, Petron, PTT Philippines, and Seaoil will implement the rollback effective 12:01 am.
Phoenix Petroleum and Unioil, meanwhile, will implement their rollback by 6 am and 6:01 am respectively on Monday.
Other oil firms are expected to follow suit.
The drop in the local petroleum products mirrors the falling global oil prices due to the Organization of Petroleum Exporting Countries’ (OPEC) decision to maintain current production levels despite an estimated oversupply in the market of 1.5 to 2 million barrels daily.
Oil prices have plunged since mid-2014, falling by more than $40 per barrel to 5-year lows.
Global benchmark Brent crude oil, meanwhile, stood at $56.42 a barrel.
OPEC, including Saudi Arabia, declined to restrict oil output in November despite pressure from member nations.
Analysts said OPEC’s decision is its bid to corner the market as U.S. and other non-OPEC countries are gaining share with the discovery of new oil fields and shale gas deposits. – Rappler.com
$1 = P44.80
Gas station attendant at work image from Shutterstock
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