Independent oil firms lead price rollbacks

MANILA, Philippines — Independent oil players were first to announce this week’s oil price rollback.

In a text advisory yesterday, Seaoil Philippines Inc. said it would adjust its pump prices effective 6 a.m. today. It will cut gasoline prices by P0.60 per liter, diesel by P0.35 and kerosene by P0.20 per liter.

“This is to reflect movements in the international petroleum market,” Seaoil said.

Petro Gazz also said it would implement price rollbacks – P0.35 per liter on diesel and P0.65 per liter on gasoline – effective 6 a.m. today.

Meanwhile, major oil player Shell announced that its price cut of P0.60 per liter on gasoline, P0.20 per liter on kerosene and P0.35 on diesel would be effective 6 a.m. tomorrow. This comes after four consecutive weeks of oil price increases, where gasoline prices were raised by P3.40 per liter, diesel prices by P3.05 per liter and kerosene prices by P2.95 per liter.

Earlier, Phoenix Petroleum Philippines Inc. led the fuel price rollback announcements with a decrease of P0.65 per liter on gasoline and P0.35 per liter on diesel starting 6 a.m., Saturday.

During last week’s trading, global oil prices started with its biggest drop in a month. Reuters reported oil fell about three percent on higher US crude drilling.

While international oil prices rose midweek, it fell at the close on the back of a strong dollar.