MANILA, Philippines—Local oil companies slashed the prices of their petroleum products effective Sunday to reflect the continued softening of oil prices in the international market.
Petron Corp., Chevron Philippines, Pilipinas Shell Petroleum Corp., Phoenix Petroleum Philippines and Eastern Petroleum cut premium gasoline and diesel prices by 90 centavos a liter and of kerosene by P1 a liter.
Independent player Seaoil Philippines initiated the rollback on Saturday, slashing premium gasoline and kerosene prices by P1, diesel by 90 centavos and regular gasoline by 50 centavos a liter.
Prior to the rollback, diesel prices ranged from P40.10 to P43.04 a liter while gasoline retailed for P49.90 to P56.19 a liter. The year-to-date net increase in the prices of petroleum stood at P1.85 a liter for gasoline and 55 centavos a liter for diesel as of March 4, based on data from the Department of Energy.
“Looking ahead, analysts foresee oil prices to unlikely rise much in the short term as demand remains weak and supply is abundant,” the DOE report said.