Major fuel price cut starts today

MANILA, Philippines - Petroleum firms are implementing large price rollbacks today, as global oil prices plunged below $50 per barrel amid oversupply concerns.

This is the third straight week that oil companies have reduced pump prices.

In a text advisory, Pilipinas Shell Petroleum Corp. and Petron Corp. said gasoline prices were reduced by P0.90 per liter, kerosene prices by P0.90 per liter and diesel prices by P1.05 per liter effective 6 a.m. today.

In separate advisories, Flying V and SeaOil Philippines Inc. said similar price reductions were also implemented at 12:01 a.m.

“This is to reflect movements in the international petroleum market,” SeaOil said.

Meanwhile, Eastern Petroleum Corp. also said gasoline prices were decreased by P0.90 per liter and diesel prices by P1.05 per liter effective 6 a.m. today.

Phoenix Petroleum Philippines Inc., PTT Philippines Corp. and Total Philippines Corp. have yet to announce their respective price cuts as of press time.

Reuters reported that oil prices dropped to five-month lows amid the rising output in the US, Canada and Libya, which offset the production cut of Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries.

OPEC and non-OPEC nations have struck a deal last November to limit production in an effort to prop up global prices.