Oil prices slashed anew

MANILA, Philippines - With the continued decline in global crude prices, local pump prices have again decreased by 35 centavos per liter for gasoline and 20 centavos for diesel.

The price cuts took effect at midnight last night and early morning today.

Pilipinas Shell Petroleum Corp. was first to announce a price rollback followed by Petron Corp., Chevron, Phoenix Petroleum Philippines and PTT Philippines.

Petron Corp., the country’s biggest oil refiner, said the price cuts “reflect movements in the international oil market.”

Similarly, PTT Philippines, the local subsidiary of Thailand’s biggest oil firm, was scheduled to implement the rollback after midnight last night.

Some companies said the price cut would take effect early morning today.

“Phoenix Petroleum Philippines will decrease the prices of diesel by P0.20 per liter and gasoline by P0.35 per liter effective 6 a.m., Oct.28, 2014 to reflect the continued decline in prices of refined petroleum products in the world market,” Phoenix said.