Shell, Seaoil to rollback gas by P1.10/liter, diesel by .95 centavos/liter

By Juzel L. Danganan

MANILA, March 23 (PNA) — Pilipinas Shell Petroleum Corp. (PSPC) and Seaoil Philippines Inc (SPI) will rollback pump prices of gasoline by Php1.10 per liter and diesel by Php0.95 centavos per liter effective 12:01 a.m. Tuesday.

Both companies will also rollback kerosene prices by Php0.90 centavos per liter.

As of March 18, the Department of Energy’s (DOE’s) oil price monitor in Metro Manila noted prices of diesel ranged from Php26.35-32.65. It has a common price of Php29.20.

Gasoline, on the other hand, played between Php38.37 to Php43.92. Its common price around Metro Manila is Php42.45.

For the year, gasoline went up by Php1.37 per liter, while diesel had a reduction of Php0.65 centavos per liter.

On Monday, oil prices in Asia fell near 1 percent after Saudi Arabia stressed over the weekend it will not bear cutting production alone.

Last week, Department of Energy (DOE) Undersecretary Zenaida Monsada said there is still an oversupply in the oil market due to the increased production of shale and the Organization of Petroleum Exporting Countries (OPEC).

The DOE official said oil is even running out of places to be stored.

However, she said that small shale oil players have cancelled drilling due to the fall of prices.

Monsada noted international analysts see that oil prices will never return to the US$ 100 mark, which is good for an oil-importing country like the Philippines.

Relatively, she said another opportunity for oil exploration companies with oil service contracts in the country was the cancellation of oil drilling equipment for other countries.

Monsada said the cancelled drilling equipment could easily be scheduled and acquired –- without competition — by local exploration companies since they have no business elsewhere. (PNA)