Hefty fuel price cuts effective Tuesday

MANILA, Philippines — Oil companies are implementing fuel price cuts of P2 per liter today as global oil prices continue to soften.

Gasoline prices have been reduced by P2.30 per liter, diesel prices by P2 and kerosene by P1.85 per liter.

This is the fifth consecutive week that petroleum firms have reduced pump prices.

Caltex, Eastern Petroleum, Flying V, Pilipinas Shell Petroleum Corp., PTT Philippines Corp. and Seaoil Philippines Inc. implemented their respective price adjustments at 6 a.m.

Meanwhile, Petron Corp., Phoenix Petroleum Philippines Inc., UniOil Petroleum Philippines Inc. and Total Philippines Corp. have yet to announce their price changes.

In the past five weeks, oil firms have rolled back gasoline prices by P7.70 per liter, diesel by P5.10 per liter and kerosene by P4.30 per liter.

Prior to this week’s price cut, year-to-date adjustments are now at a net increase of P6.20 per liter for gasoline, P9.10 per liter for diesel and P8.28 per liter for kerosene, based on data from the Department of Energy.

International oil prices registered another weekly drop in last week’s trading due to concerns over rising supply and a global economic slowdown.

The report cited US crude also slid by 20 percent since early October.