PHOTO
The Philippine oil refinery complex of Petron Corp. is seen on the coast of Bataan province nortwest of Manila on February 10, 2009. Petron Corp. on February 27, 2009 reported a 3.92 billion-peso (80.7 million USD) net loss for calendar year 2008, blaming crude price volatility for plunging it into the red. The wild swings in crude oil prices, from a record 141 dollars a barrel in July 2008 to 40 dollars in December, saw Petron incur significant losses on the value of its inventory, it said in a statement. AFP PHOTO/ROMEO GACAD (Photo by Romeo GACAD / AFP) Image used for illustrative purpose.
Domestic pump prices will decrease by as much as P1.55 per liter today.
In separate advisories, Shell, Caltex and Seaoil announced a reduction of P1.55 per liter for gasoline, P1.30 per liter for diesel and P1.40 per liter for kerosene.
Petro Gazz, Cleanfuel, PTT Philippines and Jetti will apply the same price movements, except for kerosene, which they do not offer.
With these adjustments, the year-to-date net increase for gasoline and diesel stands at P5.85 and P3.05 per liter, respectively, while kerosene has a net decrease of P4.70 per liter.
The Department of Energy-Oil Industry Management Bureau said last week that the downward adjustments were due to the sluggish demand from China and the US.
Other factors that contributed to the decline were the plan of OPEC+ to boost oil output by 180,000 barrels per day starting in October and the possible restoration of Libyan oil production, the agency noted.
Last week, oil companies implemented price increases of P0.50, P0.30 and P0.70 per liter for gasoline, diesel and kerosene, respectively.
Copyright © 2022 PhilSTAR Daily, Inc Provided by SyndiGate Media Inc. (Syndigate.info).
The Philippine STAR
