Oil firms roll back gas prices today

MANILA, Philippines - Oil price cuts ranging from 10 to 35 centavos per liter take effect today as global crude prices continue to soften.

Pilipinas Shell Petroleum Corp. said in an advisory it is implementing price rollbacks of P0.10 per liter on gasoline, P0.30 per liter on kerosene and P0.35 per liter on diesel starting at 6 a.m. today.

In separate text advisories, SeaOil Philippines Inc. and Flying V also made similar price reductions effective 12:01 a.m.

SeaOil said the price adjustments were made to “reflect movements in the international petroleum market.”

Phoenix Petroleum Philippines and PTT Philippines also reduced gasoline prices by P0.10 per liter and diesel prices by P0.35 per liter effective 6 a.m.

Eastern Petroleum also implemented similar price cuts on gasoline and diesel prices effective 12:01 a.m. today.

Department of Energy spokesman William Fuentebella said last week minimal price reductions were expected because of a stronger peso and lower oil prices in the international market for most of the trading week.