AP FILE PHOTO
MANILA, Philippines—Oil firms are rolling back fuel prices anew following predictions that demand may remain weak all throughout 2015 amid an extended supply glut in the United States, which is a leading market for commodities.
Petron, Shell, Chevron and Seaoil said in separate advisories they will cut prices at 12:01 a.m. today. There will be downward adjustments in gasoline prices by P1.75 per liter, diesel by P1.55 per liter and kerosene by P1.80 per liter.
Phoenix Petroleum Philippines said it will slash the price of diesel by P1.55 per liter and gasoline by P1.75 per liter effective 6 a.m. today. Phoenix Petroleum does not sell kerosene products.
The adjustments reflect movements in the international petroleum market, the oil firms said.
The price movements brought the total year-to-date net decrease of gasoline to P12.49 per liter and of diesel to P13.68 per liter.
On Friday, the International Energy Agency (IEA), a consultancy to 29 countries, slashed its forecast for global oil demand growth for 2015 by 230,000 barrels to 900,000 barrels, citing expectations of lower fuel consumption in oil-exporting countries such as Russia.
In the “Oil Market Report” posted on its website, the IEA said a strong dollar and the lifting of subsidies in some markets had so far limited supportive price effects on demand. Riza T. Olchondra