Oil firms cut pump prices anew

MANILA, Philippines - Another round of fuel price cuts greeted motorists today as petroleum companies implemented rollbacks to reflect the continued drop of crude products in the world market.

Pilipinas Shell Petroleum Corp. was first to announce the price cuts, which took effect at 6 a.m. today.

Shell cut prices of gasoline by 10 centavos per liter, kerosene and diesel by 70 centavos per liter.

Phoenix Petroleum Philippines Inc., PTT Philippines Corp. and Unioil Petroleum Philippines Inc. also implemented similar price adjustments on diesel and gasoline products.

The rollback was to “reflect the downward price movements of petroleum products in the world market brought about by the oversupply in the region and the economic slowdown in China and notwithstanding the tensions between Saudi Arabia and Iran,” Phoenix Petroleum said in a text advisory.

Ahead of other oil firms, Eastern Petroleum Corp. slashed diesel prices by P0.70 per liter and gasoline prices by P0.20 per liter at 6 p.m. yesterday.

Other oil firms have yet to announce their respective price movements.

This is the second consecutive week oil companies have reduced prices of diesel and kerosene products.

Prior to this week’s price adjustment, government oil monitoring showed diesel prices ranged between P20.40 and P23.80 per liter while gasoline prices ranged from P33.30 to P40.75 per liter.