Oil Firms Reduce Prices Due to Slump in Demand in China

Oil firms Chevron Philippines, Inc., Petron Corp., Seaoil Philippines, Inc., Phoenix Petroleum Philippines, Inc., and Eastern Petroleum Philippines Corp., cut prices of petroleum products yesterday.

The companies rolled back prices of diesel by P0.90 per liter, kerosene by P0.70/liter and gasoline by P0.15/liter. The price adjustments were implemented early morning yesterday.

This is the sixth oil price adjustment and the second rollback after four increases this year.

Gasoline prices increased by P2.80/liter since the year started while prices of diesel have risen by P1/liter.

Prices of Dubai crude, the benchmark used by most of Asia, are at $109 per barrel.

International prices of diesel are at $129/barrel.

Meanwhile, gasoline prices are at $125/barrel.

The price drop was due to concerns over the continuing slump in demand for oil from China despite high supply.

Data from the Energy department placed average prices of unleaded gasoline at P54.73/liter with its prices ranging from P48.78/liter to P55.70/liter.

Diesel prices range from P42.84/liter to P46.43/liter, with an average price of P45.19/liter.