Text: Marcus De Guzman / Photos: Brent Co | posted July 27, 2015 18:19
Oil firms reduce prices on their products by as much as PhP 0.70 per liter
Prices of gasoline and diesel are still getting cheaper as several oil firms have already announced that they will have rollbacks on their products.
Eastern Petroleum will rollback their prices as early 1800 hours today.
Easter Petroleum - PhP 0.65 – gasoline, PhP 0.55 – diesel
Flying V, Petron, Shell and SeaOil will cut their prices at 0001 hours on July 28, 2015.
Flying V – PhP 0.70 – gasoline, PhP 0.60 – Biodisel, PhP 0.40 – Kerosene
Petron – PhP 0.60 – gasoline and diesel, PhP 0.45 – Kerosene
Shell – PhP 0.60 – gasoline and diesel, PhP 0.45 – Kerosene
SeaOil – PhP 0.60 – gasoline and diesel, PhP 0.45 – Kerosene
Meanwhile, PTT, Phoenix Petroleum and Total will reduce prices on their productions at 0600 hours on July 28, 2015.
PTT – PhP 0.60 – gasoline and diesel
Phoenix – PhP 0.60 – gasoline and diesel
Total - PhP 0.60 - gasoline and diesel
Analysts attribute the downtrend of fuel prices as a result of the rising US dollar that further weakened US crude draw. In addition, the Iran nuclear deal also played a major role in making crude oil less expensive. It was first expected that the abundance of Iranian crude will increase prices but with reports of slower crude imports by China in the first half of 2015 put pressure on crude, yielding a price decline.
Overall, the year-to-date net increase for gasoline reduced further to PhP 2.59 per liter while diesel is now at a net decrease of PhP 2.49 per liter. Liquid Petroleum Gas (LPG) is still at PhP 7.05 per kg.
Price updates via Petrol Price PH on Twitter.