An independent oil player said price cuts on petroleum products starting Thursday could go as much as P5 per liter until September due to the declining crude oil costs in the world market.
“Kung ako ang tatanungin, mas gusto ko isang bagsak na lang ang 3 to 5 pesos na rollback sa Setyembre,” said Ramon Villavicencio, president of independent player Flying V.
Though Villavicencio declined to say by how much they will cut their petroleum prices on Thursday, a source told ABS-CBN News that oil companies are likely to announce a P1.00 per liter cut on diesel and gasoline products.
Oil companies said the price cut will reflect the easing oil trade in the global market. From $140 per barrel last July 15, the price of Dubai crude already went down to $114 on August 8.
Meanwhile, an independent manufacturer of liquefied petroleum gas (LPG) already announced a price cut on its products.
Republic Gas Co. (Regasco) will implement a P1.00 price cut per kilogram of LPG. It will also cut its autogas price by P0.50 per liter.
Earlier, Consumer and Oil Price Watch chairman Raul Concepcion said there will be more price cuts in the month of September.
“We expect that by September, there's going to be a weekly rollback because world oil prices are going down,” he said. With a report from Alvin Elchico, ABS-CBN News