Fuel prices rolled back today

MANILA, Philippines - Oil companies are implementing minimal price cuts across all fuel products today as global oil prices dropped.

The rollback comes after three consecutive weeks of price hikes.

In a text advisory, Pilipinas Shell Petroleum Corp. said its gasoline prices were reduced by P0.20 per liter, kerosene prices by P0.40 per liter and diesel by P0.30 per liter effective 6 a.m. today.

In a separate advisory, Flying V said similar price reductions were implemented also at 12:01 a.m.

Meanwhile, Eastern Petroleum Corp., Phoenix Petroleum Philippines Inc. and PTT Philippines Corp. also said gasoline prices were decreased by P0.20 per liter and diesel prices by P0.30 per liter effective 6 a.m.

Petron Corp., SeaOil Philippines Inc. and Total Philippines Corp. have yet to announce their respective price cuts as of this writing.

The Department of Energy said the increased drilling activities in the US, which offset the production cut of Organization of the Petroleum Exporting Countries and non-OPEC countries, have prompted the lower oil prices.

Prior to this week’s price adjustments, diesel prices ranged from P29.23 to P33.96 per liter while gasoline ranged from P39.75 to P49.56 per liter.