Hefty oil price rollback set this week

Motorists will enjoy lower petroleum prices anew as industry players announced as much as P1.5 reduction this week the past days.

In separate advisories over the weekend, Seaoil said it will cut gasoline prices by P1.45 per liter, diesel by 60 centavos and kerosene by P1, effective 6 a.m. Monday, 30 September.

Petro Gazz’s rollback will be effective on Tuesday, 1 October—gasoline by P1.55 and diesel by 50 centavos.

Meanwhile, Phoenix Petroleum and Cleanfuel implemented Sunday a rollback of P1.50 in gasoline prices and 50 centavos for diesel.

The adjustments reflected the movement of the international market.

On Friday, West Texas Intermediate crude dropped by 0.89 percent or $0.50 to $55.91 per barrel, while Brent crude declined by 1.32 percent or $0.83 to $61.91 per barrel.

Last week, industry players hiked the price of gasoline by P2.35 per liter, diesel by P1.80 per liter, and kerosene by P1.75 per liter over fears of a supply cut following a drone attack on Saudi Arabia’s two largest oil-producing plants.

In the Philippines, year-to-date adjustments stand at a net increase of P7.86 per liter for gasoline, P5.82 per liter for diesel and P3.76 per liter for kerosene.