MANILA, Jan. 26 (PNA) — Chevron Philippines Inc. (CPI) and Petron Corporation will hike gas prices by Php0.30 centavos per liter and will cut diesel prices by Php0.10 centavos per liter.
CPI — with its Caltex brand — will boost its gas products of Gold and Silver by Php0.30 centavos per liter and cut its diesel products by 10 centavos per liter.
On the other hand, Petron Corporation will also implement a similar price movement on its gas and diesel products.
However, the two companies cited no change on its kerosene products.
Both firms will apply the change at 6:00 a.m. Tuesday, adding the trends reflect international market movements.
For the Energy Department’s latest oil monitor in Metro Manila, diesel is currently at a price range of Php24.10-Php27.70 per liter. It has a common price of Php26.35.
Gasoline, on the other hand, plays between Php33.10-Php39.10, having a common price of Php37.30 per liter.
Meanwhile, the DOE cited the January rollbacks for diesel totaled Php3.75 per liter, while gasoline cuts amounted Php3.90 per liter.
The local drop in prices started on Nov. 25, triggered by initial statements of the Organization of Petroleum Exporting Countries (OPEC) members not to cut oil production, before the OPEC meeting in which it decided the same.
The decision not to cut resulted in an oversupply in the market, coming also from non-OPEC producers and the shale oil producers in North America.
Since the Philippines is dependent on international fuel supply, the international price plunge also affected local oil players, whom often sourced their products from Saudi Arabia.
The decrease continued until the last week of Dec., when oil companies noted a small hike of Php0.30 centavos per liter for gas and a boost of Php0.10 centavos per liter for kerosene.
It fell yet again during the first week of January, citing product cuts for gas, diesel and kerosene, all amounting to more than Php1.50 per liter.
For Jan. 23, crude oil closed trading at the New York Mercantile Exchange (NYMEX) at US$ 45.59, notably still far from the economic meltdown lows in 2008 at US$ 38.37 per barrel.
Early last week, King Abdullah of oil giant Saudi Arabia passed away, triggering boost in Brent and NYMEX — which then stabilized again near its rate — from uncertainty on which policy his successor Crown Prince Salman will take.
However, reports said that the Crown Prince will still carry on his half brother’s policy, which was not to cut oil production.
On the other hand, Saudi Aramco, which is Saudi’s national oil company, said early January that it will lower its discount to Asia for February delivery and will increase its price discount to Europe. (PNA)