MANILA – As world oil prices continued to fall, oil firms yesterday implemented another round of price cuts amounting to P0.90 per liter for regular gasoline, P0.45 per liter for premium plus unleaded and premium unleaded gasoline and P0.35 per liter for diesel and kerosene.
The oil firms namely Petron Corp., Pilipinas Shell Petroleum Corp., Phoenix Petroleum Philippines, Chevron Philippines, Seaoil Philippines, PTT Philippines, Total Philippines and Shell Philippines implemented the fourth consecutive weekly price rollback for the month of May.
The oil firms cut prices over the weekend, bringing the current price of oil products to P54.50 to P59.52 per liter for premium plus unleaded, P49.50 to P57.71 per liter for premium unleaded, and P48.55 to P56.05 per liter for regular gasoline.
Diesel prices are now at P41.85 to P45.85 per liter while kerosene sells at P48.65 to P55.73 per liter.
According to reports compiled by the Department of Energy, the International Energy Agency expects the oil market to become tighter in the second half of the year.
DOE said sanctions from the European Union and the United States to keep more than one million barrels per day of Iranian oil exports off the market and production disruptions from the non-Organization of Petroleum Exporting Countries would likely affect prices.
DOE added that although US crude stocks are now higher than a year ago and OPEC stepped up to boost supplies in recent months, production stoppages from Sudan, Syria, Libya and other non-OPEC producers remain a threat to markets.*PNA