7 Companies to Rollback Petroleum Products Monday

Manila (PNA) -– Seven companies will implement another bigtime rollback on their primary petroleum products on Monday, January 12.

Petron Corporation, Phoenix Petroleum Philippines, PTT Philippines, Pilipinas Shell Petroleum Corporation (PSPC), Seaoil Philippines Inc., Chevron Philippines Inc. (CPI) and Eastern Petroleum will cut gas prices by Php 1.70 per liter and diesel prices by Php 1.5 per liter.

Moreover, Petron Corporation, PSPC, Seaoil and CPI noted a reduction on kerosene prices by Php 1.6 per liter.

On Jan 12, Phoenix Petroleum Philippines will apply the decreased rates at 6:00 a.m., while the six companies will lower prices on 12:01 a.m.

Based on the Department of Energy’s (DOE’s) oil price monitoring in Metro Manila, diesel was being sold at a common price of Php 29.25 per liter at gas stations, while gas was offered at a common price of Php 40.25. It noted it was observed after the first rollback of 2015 on Jan 5.

Moreover, it said diesel was being sold at a range of Php 27.05 to Php 30.40 in the Metro Manila area.

For gasoline prices, the monitor said it was playing between the amount of Php 36.05 to Php 42.20.

Also, the oil price chart indicated that 2014’s total rollback for gas totalled Php 13.29, while diesel was reduced by Php 15.03.

DOE Undersecretary Zenaida Monsada formerly said the previous price reductions were brought by the oversupply of oil in international markets, which was triggered by shale oil production’s boom in North America and consistent oil production from the Organization of Petroleum Exporting Countries (OPEC), along with Non-OPEC members.

On Tuesday, Business Insider reported Saudi Arabia’s national oil company, Saudi Aramco, will lower its February delivery discount to Asian markets to USD 1.4 per barrel, from the previous USD 2 per barrel. It stressed Asia purchases more than half of Saudi’s oil exports.

Philippine refineries commonly obtain crude supply from Saudi Arabia, which could mean rollbacks in February will not be that huge. (PNA) CTB/JLD/SSC