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Manila Bulletin devider Business devider Modest rollback in fuel prices

Modest rollback in fuel prices

Published Oct 28, 2019 12:00 am
By Myrna M. Velasco Motorists are in for another "slight treat" this week as the prices of gasoline at the pumps will be down by ₱0.45 to ₱0.60 per liter; and diesel by ₱0.10 to ₱0.20 per liter. (Mark Balmores / MANILA BULLETIN) (MARK BALMORES / MANILA BULLETIN FILE PHOTO) In this week’s round of price cuts, the initiator is independent player Cleanfuel starting on Sunday (October 27) at 4:01 p.m. for ₱0.60 per liter rollback for gasoline; and ₱0.20 per liter for diesel. This is an oil company which is preferred by many drivers of the public transport sector because it is deemed to be selling petroleum products cheaper than the rest of the industry competitors. Major player Pilipinas Shell Petroleum Corporation followed with leaner price cuts of ₱0.45 per liter for gasoline; and ₱0.10 per liter for diesel; and followed by Seaoil, PTT Philippines, Total, PetroGazz and Phoenix Petroleum. The rest of the industry players are anticipated to rollback pump prices tomorrow (October 29) starting at 6:00 p.m. being their weekly routine. There had been continued seesaw in prices in the world market – with the price of Dubai crude swinging from US$57 to US$59 per barrel level last week. The value of the local currency has also been improving versus the US dollar, hence, that adds to portended softening of pump prices in the Philippine oil market. After touching at a higher base of US$59 per barrel in some trading days, the price of benchmark Dubai crude had tapered off to US$58 per barrel on Friday (October 25). Global analysts have been noting that oil prices are being pulled in every direction because of varying geopolitical and economic factors affecting prices in the market. In the Philippines, industry battle lines are still focused on pricing – with the Department of Energy (DOE) digging in the ribs of the oil companies to be more transparent in their pricing parameters. It is not just the energy department’s wish for fuel cost unbundling that has been ruffling the feathers of the oil industry players at present, but even its bid for explanation on the disparate pricing of each gas station or across locations. That is the next puzzle that the DOE has been nudging the oil companies to provide explanation to in their trading of missives in the past weeks.
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