MANILA, Philippines—Local oil announced they were to slash prices of petroleum products starting Sunday to reflect the softening of oil prices in the global market.
Petron Corp., Pilipinas Shell Petroleum Corp., Phoenix Petroleum and Chevron Philippines announced that they would cut prices of kerosene by P1.35 a liter; premium gas by P1.20 a liter; diesel by P1.15 a liter; and regular gas by 95 centavos a liter one stroke after midnight Saturday or 12:01 a.m. Sunday.
Independent player Seaoil Philippines implemented its price rollback of P1.10 a liter for diesel and gasoline on Saturday.
Prior to these price adjustments, diesel prices ranged from P41.25 to P44.30 a liter, while gasoline retailed for P51 to P57.39 a liter.
As of Feb. 26, the year-to-date net increase for gasoline and diesel stood at P3.05 a liter and P2.05 a liter, respectively.
Based on an oil monitor report from the Department of Energy, the downtrend in oil prices was fueled by worries of weak economic data, indicating that the global economy was still struggling.