MOTORISTS can breathe a sigh of relief when they purchase fuel and refill their tanks as oil companies reduced the prices of gasoline and diesel to reflect the slight cut in world oil prices.
On Monday night, Eastern Petroleum Corp. led the price cut by bringing down prices by diesel and gasoline by P1 and P0.50 per liter, respectively.
Total (Philippines) Corp. will also roll back prices of diesel by P1 per liter and gasoline by P.50 per liter effective 6 a.m. today, Tuesday, to reflect the drop in international oil prices.
Phoenix Petroleum Philippines Inc., Pilipinas Shell Petroleum Corp., and PTT Philippines Corp. and Chevron will also reduce the prices of gasoline and diesel by the same amounts also this morning. But PTT opted to reduce gasoline by P1 per liter.
As of press time, other oil companies have yet to announce if they will roll back prices.
Early this month, oil companies have increased the price of gasoline and diesel by P1 per liter owing to the increase in world oil prices that time.
According to the Department of Energy (DOE), as of December 11, the average price of Dubai crude slightly dropped to $77 per barrel this month from $78 per barrel in November.
DOE added that the average price of refined unleaded gasoline in the Mean of Platts Singapore (MOPS) kept stable at $82 per barrel this month.
The price of MOPS-based diesel, the DOE monitoring report showed, was down $2 drop to $83 a barrel this month from $85 a barrel in November.
DOE also noted the international contract price of liquefied petroleum gas (LPG) has increased substantially to $727 per metric ton this month from $660 per metric ton in November.
