Oil Firms To Rollback Pump Prices Tuesday

Oil firms will reduce pump prices Tuesday, reflecting falling international market prices due to the oil glut.

In separate advisories, Pilipinas Shell Petroleum Corp., Petron Corp. and Phoenix Petroleum Philippines said they will decrease gas prices by 30 centavos per liter and lower diesel prices by 20 centavos per liter.

Petron and Shell will also slash kerosene prices by 40 centavos per liter.

Shell and Phoenix will apply the price movements at 6:00 a.m., while Petron will implement the changes at 12:01 a.m.

According to the Energy Department’s oil monitor for Metro Manila as of May 2, diesel prices ranged from PHP 23.49-27.07 per liter, while has a common price of PHP 26.25 per liter.

Gasoline, on the other hand, ranged from PHP35.40-42.60 per liter. It has a prevailing price of PHP40.30 per liter.

With the latest movements, diesel will have a price range of PHP23.29-26.87 per liter and gasoline will range from PHP35.10-42.30 per liter.

Energy secretary Zenaida Monsada explained in an interview Monday that the rollback is still due to the prevailing glut in the global crude market.

She also pointed out the oil prices had fluctuated more this year.

The secretary said the market is not that active due to some refineries still on maintenance shutdown — with a few returning online.

Monsada also stressed she expects the discussions for a production freeze among major oil producers will continue. (PNA)