Fuel firms cut gasoline, kerosene prices

MANILA, Philippines — Oil firms will reduce gasoline and kerosene prices today over investors’ concerns that higher US oil production could undermine the supply cut of other global oil producers.

Gasoline prices were decreased by P0.25 per liter and kerosene by P0.15 per liter. Diesel prices remain the same this week.

This is the second consecutive week that the price of kerosene was reduced.

Petron Corp. and Pilipinas Shell Petroleum Corp. said the price cuts start at 6 a.m.

Phoenix Petroleum Philippine Inc., Eastern Petroleum Corp. and PTT Philippines Corp. will also adjust the prices of gasoline products at 6 a.m.

Flying V and SeaOil Philippines Inc. reduced gasoline and kerosene prices effective 12:01 a.m. while UniOil Petroleum Philippines Inc. at 6:01 a.m.

Total Philippines Corp. has yet to issue advisories as of press time.

In last week’s trading, the increase in global oil prices was tempered by worries that the rising US production could undermine supply cuts led by Organization of the Petroleum Exporting Countries (OPEC).

This after OPEC member and non-member states agreed to extend oil output cuts of about 1.8 million barrels per day until the end of 2018, which was originally scheduled until March.