Mixed movement in oil prices

6 days ago

Some consumers, depending on which fuel they load up, might get relief this week following a mixed movement in oil prices that will be effective this morning.

In separate advisories on Monday, oil companies announced a P0.60 per liter reduction in the prices of diesel and a P0.75 per liter cut in kerosene prices. Gasoline, on the other hand, inched up a bit by P0.75 per liter.

Last week, oil companies slashed gasoline prices by P0.40 per liter, diesel by P1.85 per liter, and kerosene by P1.30 per liter.

Meanwhile, Petron Corporation implemented a P2.05 per kilogram rollback in its LPG prices effective on Monday noon. AutoLPG prices will likewise roll back by P1.15 per liter.

“These reflect the international contract price of LPG for August,” Petron said in its advisory.

Data from the Department of Energy showed that as of 26 July, the commutative increase in diesel stood at P32.95 per liter and gasoline at P18.90 per liter.

Oil companies announce price adjustments every Monday to be implemented on the following day’s morning.

They adjust their prices weekly based on the movement of the Mean of Platts Singapore — the regional pricing benchmark adopted by the deregulated downstream oil sector.


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