By Myrna M. Velasco
It will just be a very slight relief in the pockets of consumers this week, with the price of gasoline products just going down by P0.20 per liter; then diesel and kerosene products by P0.10 per liter.
Several oil companies already announced price cuts effective Tuesday (November 26) – with the league of players kick-started by Pilipinas Shell Petroleum Corporation; and then followed by Seaoil, Total and PTT Philippines.
Cleanfuel typically deviates from the usual schedule of weekly price adjustments in the industry, as this oil firm had already implemented the rollbacks on Sunday (November 24) at 4:00pm.
The rest of the industry players are expected to follow their competitors’ pricing leads – given that market forces always have a compelling pull on how cost movements are enforced at the pumps.
Prices in the world market had been relatively stable in the previous trading days and they now have their consequential impact on how prices are adjusted domestically in this week’s cost swings.