Oil firms slash pump prices anew

MANILA, Philippines - Another round of fuel price rollbacks – the second in little over a week – takes effect today as international oil prices continue to decline.                                                                                 

Pilipinas Shell Petroleum Corp., in a text advisory, said its price cuts take effect at 6 a.m. – 60 centavos per liter for gasoline and P1.45 per liter for kerosene and diesel.

Phoenix Petroleum Philippines, Total Philippines and PTT Philippines made similar price adjustments also starting at 6 a.m.

In separate text advisories, Petron Corp. and Seaoil Philippines Inc. also announced price cuts effective today to reflect movements in the international oil market.

Petron gasoline products are cheaper by 60 centavos per liter. Prices of its diesel and gasoline products are rolled back also by P1.45 centavos per liter. Seaoil reported the same price adjustments.

Ahead of other oil firms, Eastern Petroleum Corp. reduced the prices of its gasoline and diesel products at 6 p.m. yesterday.

Eastern chairman and CEO Fernando Martinez attributed the latest price adjustments to the continuous downtrend in global oil prices.

“Analysts are expecting the price war to continue up to the end of next year, as Saudi Arabia would not be able to reduce output while Iran continues to increase its production,” he said.