MANILA, Philippines — Oil firms implemented today hefty price reductions on petroleum products after major oil producing countries announced the plan to gradually increase supply.
Gasoline prices were reduced by P1.15 per liter, diesel by 90 centavos per liter and kerosene by 85 centavos per liter.
In its advisory, Seaoil Philippines Inc. said it implemented its price cuts starting 12:01 a.m. today to reflect movements in the international petroleum market.
During last week’s trading, international oil prices fell ahead of the Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna last Friday.
In a report by Reuters, Russia proposed the increase in oil production by the OPEC+ deal members by 1.5 million barrels per day.
Caltex, Eastern Petroleum, Pilipinas Shell Petroleum Corp., Phoenix Petroleum Philippines Inc., PTT Philippines Corp. and Total Philippines Corp. implemented their respective price adjustments at 6 a.m.
Meanwhile, Uni-Oil Petroleum Philippines Inc. said the decrease in its prices started at 6:01 a.m.
On the other hand, Flying V and Petron Corp. have yet to announce their respective price changes as of press time.