Oil firms cut pump prices anew

MANILA, Philippines - Oil companies have announced price rollbacks on fuel products for the eighth consecutive week.

Eastern Petroleum Corp. reduced gasoline and diesel prices by P0.45 per liter, respectively at 6 p.m. yesterday.

Petron Corp., the country’s largest oil refiner and retailer, reduced fuel prices past midnight today.

In an advisory, Petron said it implemented price rollbacks of “P0.45/L for Blaze 100, XCS, Xtra Advance, and Super Xtra, P0.45/L for Turbo Diesel and DieselMax and P1.00/L for kerosene.”

The price rollback of Pilipinas Shell Petroleum Corp., the local subsidiary of energy giant Royal Dutch Shell, also took effect past midnight.

Meanwhile, the price adjustments implemented by Phoenix Petroleum Philippines Corp. and PTT Philippines on diesel and gasoline prices took effect at 6 a.m. today.

The price rollback is attributed to the continuous downward trend in world oil prices at the end of last week’s trading, according to Eastern Petroleum chairman and CEO Fernando Martinez.

“The oversupply situation and downward trend in world oil prices continue to pressure local pump prices to go down further. Analysts also believe world oil prices will rebound towards the end of the year at an average of $60 to $69 per barrel,” he added.

Based on the oil monitoring of the Department of Energy, diesel prices ranged from P24.40 to P27.65 per liter and gasoline prices from P38.77 to P44.92 per liter prior to this week’s price cuts.