By Juzel L. Danganan
MANILA, Nov 10 (PNA) — Four oil companies — Petron Corporation, Chevron Philippines Incorporated (CPI), PTT Philippines Corporation and Phoenix Petroleum Philippines — will roll back prices of their oil products on Tuesday.
The four companies will reduce their gasoline prices by 1 peso per liter, while it will lower diesel products by 35 centavos per liter.
Also, Petron Corporation and CPI (Caltex brand) will rollback kerosene prices by 15 centavos per liter.
Phoenix will reduce its prices starting 6:00 a.m. Tuesday, while the three other companies will move their prices effective 12:01 a.m. Tuesday.
The Philippines is dependent for its fuel supply needs from Asian oil trading hub Singapore.
The oil benchmark for Asia is mainly Oman-Dubai. Its price is the reference for crude oil products delivered to Asian refineries, coming from the Middle Eastern Gulf.
However, the actual physical oil trading for the Asia-Pacific region, including Australia, happens in Singapore.
Oil prices has been fluctuating in the past few months, citing trading lows since 2011.
For other benchmarks in the global markets, Brent Crude Oil is trading at 83.39 USD per barrel for Nov 10, up by .64 percent. It is Europe’s benchmark for oil.
Another benchmark, the West Texas Intermediate (WTI) Crude Oil is priced at USD 78.65 per barrel, trading at the New York Mercantile Exchange (NYMEX) as of Nov 10. It is slightly better by .94 percent.
On the other hand, analysts from Goldman Sachs, which is an American bank, projects that the WTI Crude and Brent Oil will further plunge for 2015, at USD 75 per barrel and USD 85 per barrel, respectively.
Meanwhile, the 12 member-states, Organization of the Petroleum Exporting Countries (OPEC), which supplies about 81 percent of crude around the globe in 2013, will be meeting on November 27 to discuss oil prices.
Its members include Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador and Angola. (PNA)