Local oil firms will implement another fuel price rollback on kerosene and diesel effective Tuesday.
“Petron will implement the following price adjustments effective 6 a.m. on Feb 14: no movement for gasoline; P2.20/li rollback for diesel and P2.50/li rollback for kerosene. These reflect movements in the international oil market,” a subsidiary of conglomerate San Miguel Corp. said.
This the second consecutive week of price cuts amid continuing concerns that higher interest rates could slow down global economic growth.
Aside from Petron, other oil companies such as PetroGazz, PTT, Phoenix, Seaoil, Jetti, and Cleanfuel also cut prices.
Over the weekend, Unioil said diesel should go down by P2 to P2.20 per liter while gasoline prices will have no movement.
The continued buildup in US commercial crude stocks to its highest outright level since June 2021 also added downward pressure to the markets.
According to DOE monitoring, US crude oil inventories rose to 452.69 million barrels in the week ended Jan. 27 amid weaker refinery demand and lower exports. These outweighed signs of demand recovery from China.
The oil companies also implemented a price rollback last February 7 wherein the oil firms cut the price of gasoline by P2.10 per liter, diesel by P3 per liter, and kerosene by P2.30 per liter.
To date, oil prices have gone up by P5.10 per liter for gasoline, P0.05 per liter for diesel, and P2.25 per liter for kerosene since the start of the year.