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Oil firms likely to enforce one-peso price rollback anew next week

Posted on January 9, 2015

By Juzel L. Danganan

MANILA, Jan. 9 (PNA) — Expect rollbacks amounting to more than one peso for every liter of petroleum products by Monday, says an independent gas company official.

”Yes, we can expect a rollback, more than one peso again,” Eastern Petroleum chief and executive officer (CEO) and Chairman Fernando Martinez told PNA in a text message.

Martinez notes both gasoline and diesel will have a price reduction by next week.

Phoenix Petroleum vice president for External Affairs Raymond Zorrilla has also confirmed the oil price reduction by Monday.

”Yes we can expect another rollback,” Zorrilla told PNA in a text message.

Based on the Department of Energy’s (DOE’s) latest oil price monitoring in Metro Manila, diesel was being sold at a common price of Php 29.25 per liter at gas stations, while gasoline was offered at a common price of Php 40.25 per liter. It was observed after the first rollback of 2015 on Jan 5.

DOE said diesel was being sold at a range of Php 27.05 to Php 30.40 per liter in the Metro Manila area.

For gasoline prices, the DOE monitor said it was playing between the amount of Php 36.05 to Php 42.20 per liter.

Also, the oil price chart indicated that 2014’s total rollback for gasoline amounted to Php 13.29, while diesel was reduced by Php 15.03.

Meanwhile, the country’s total petroleum demand for the first half of 2014 reached 58,737 million barrels, which was equivalent to 339.3 million barrels of oil, according to DOE figures.

The first half of 2015 will likely top the previous half’s consumption demand due to the factor of low oil prices.

Further, for the first half of 2014, the DOE said oil imports have reached 33,040 million barrels, mainly contributed by increased gasoline importations.

Last year’s downward trend in oil prices was mainly attributed to the spurt of shale oil in the international market, which forced the Organization of Petroleum Exporting Countries (OPEC) to refuse cutting production to defend its former dominating market share. It holds huge supplies and has various clients around the globe.

Reuters reported on Thursday that OPEC ministers and delegates blamed the shale oil production by non-OPEC producers (i.e. Russia, Mexico Kazakhstan, U.S.) for the oversupply of crude oil in the market.

The blame came as international crude oil prices fell to their lowest since 2009– far from the previous USD 100-120 per barrel prices.

For February delivery, Xinhua reported West Texas Intermediate (WTI) oil was offered at USD 48.79 per barrel at the New York Mercantile Exchange, while Europe benchmark Brent Crude settled at USD 50.96 per barrel.

Previously, the Middle East offered lower contract prices to Asia at a discount compared to Brent and WTI prices. Thus, Asia can expect lower contract rates by next week. (PNA)

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