Oil firms roll back pump prices today

MANILA, Philippines - Oil companies will roll back prices of petroleum products effective today following two consecutive weeks of oil price hikes.

In an advisory, Pilipinas Shell Petroleum Corp., the local subsidiary of energy giant Royal Dutch Shell, will cut diesel prices by 30 centavos per liter, gasoline by 40 centavos per liter and kerosene by 45 centavos per liter.

Seaoil Philippines Inc. and PTT Philippines will implement similar price adjustments starting at 6 a.m. today to reflect movements in the international market.

Eastern Petroleum Corp. slashed diesel and gasoline prices ahead of other oil firms yesterday.

In a statement, Eastern Petroleum chairman and chief executive officer Fernando Martinez said the latest price adjustment reflects the downward trend in world oil prices at the close of last week’s trading.  

“Analysts expect the oil market to remain bearish, which could hurt demand and world oil prices. With oil trading near its six-year lows, the healthy demand has prevented prices from dropping further amid the worsening oil glut due to oversupply,” he said.