Oil prices down today

MANILA, Philippines — Some oil players have implemented price cuts across fuel products earlier than usual as global prices dip due to oversupply worries.

Gasoline prices were rolled back by P0.70 per liter, diesel prices by P1.00 per liter and kerosene by P1.25 per liter.

The price reductions came after three consecutive weeks of increases in gasoline and diesel prices.

Pilipinas Shell Petroleum Corp. said it will implement price cuts effective 6 a.m. today.

Seaoil Philippines Inc. said it will reduce pump prices starting 12:01 a.m. today.

Caltex, Eastern Petroleum, Flying V, Petron Corp., Phoenix Petroleum Philippines Inc., PTT Philippines Corp., Total Philippines Corp. and UniOil Petroleum have yet to announce their respective price changes.

Last week, global crude prices fell on growing concerns of oversupply after Saudi Arabia projected exports would fall in August as it limits excess production, Reuters reported.