Oil firms cut prices anew

The country’s oil firms are cutting prices anew by as much as P0.45 per liter over the weekend.

“Petron will implement the following price rollbacks (VAT inclusive) effective 12:01 a.m. Saturday March 16: P0.45 per liter for Blaze100, XCS and Xtra, P0.45 per liter for kerosene and P0.40 per liter for Turbo Diesel and Diesel Max,” the firm said in a statement.

Petron said the latest reduction was prompted by movements in the international oil market.

Also in the rollback are Pilipinas Shell Petroleum Corp., Seaoil Philippines and Phoenix Petroleum Philippines followed suit.

Shell and Seaoil implemented the price dips at the same time while Phoenix set a 6 a.m. March 16 cutoff “to reflect the continued decline in the prices of refined products in the world market.”

The oil firms rolled back prices last March 10 by P0.90 per liter for premium and unleaded gasoline and diesel and kerosene by P1 per liter.

Before the latest reductions, unleaded gasoline ranged P54.44 to P56.64 per liter,  premium and premium plus unleaded at P49.35 per liter to P56.64 per liter and regular gasoline at P49.24 per liter to P55.76 per liter.

Diesel retails at P39.70 to P42.15 per liter and kerosene at P46.75 to P52.52 per liter. Pump prices vary depending of the location, brand and market conditions.

The Energy Department said in its latest monitoring that among the factors contributing to lower prices according to analysts include the larger-than-expected downturn in China’s latest non-manufacturing Purchasing Managers’  Index data and China’s official nonmanufacturing PMI which reportedly fell to 54.5 in February from 56.2 in January.

The department said that a slowing down of growth in the world’s second largest economy influences on oil prices along with stability of the Eurozone.