Oil companies roll back pump prices

© Edd Gumban/File Oil companies roll back pump prices

MANILA, Philippines — Small oil players continued to lead rollbacks on pump prices for the third straight week on weaker global prices due to supply worries.

Phoenix Petroleum Philippines Inc. reduced gasoline prices by P1.65 per liter and diesel prices by P0.65 per liter effective 6 a.m. yesterday.

This is “in order for motorists to enjoy lower pump prices,” the firm said in its text advisory.

Petron Corp. said it will implement price cuts of P1.50 per liter for Blaze 100 Euro 6, XCS and Xtra Advance, P0.60 per liter for Turbo Diesel and DieselMax and P0.65 per liter for kerosene effective 6 a.m. tomorrow.

Other oil companies have yet to announce their respective price reductions as of this writing.

Prior to these changes, year-to-date adjustments stand at a net increase of P8.70 per liter for gasoline, P10.60 per liter for diesel and P9.60 per liter for kerosene, based on data from the Department of Energy.

In the past three weeks, oil companies have reduced gasoline prices by P4.45 to P4.50 per liter and diesel prices by P2.10 to P2.20 per liter.

Global oil prices were on its third weekly loss on Friday after Saudi Arabia’s Organization of Petroleum Exporting Countries (OPEC) governor said oversupply is seen in the market due to growth concerns, Reuters reported.