Oil firms slash gas prices effective Monday

Petron Corp., Chevron Philippines and Seaoil Philippines, Pilipinas Shell Petroleum Corp. and Phoenix Petroleum Philippines are cutting prices of their petroleum products starting Monday, April 30, 2012. AFP PHOTO

MANILA, Philippines—Local companies are slashing prices of petroleum products, effective Monday to reflect the continued decline of oil prices in the global market.

Petron Corp., Chevron Philippines and Seaoil Philippines have decided to cut prices of premium gasoline by 30 centavos a liter, and of regular gasoline by 60 centavos a liter.

Pilipinas Shell Petroleum Corp. and Phoenix Petroleum Philippines have, meanwhile, opted for a 30-centavo-a-liter rollback on all gasoline products.

Last week, oil companies also implemented an oil price rollback of 65 centavos a liter for premium gasoline, 50 centavos a liter for regular gasoline, 40 centavos a liter for diesel, and 25 centavos a liter for kerosene.

According to the oil monitor report of the Department of Energy, global oil prices, particularly that of the Dubai crude, were dragged down by prospects of weaker crude demand from China, and also due to renewed worries about the eurozone’s debt woes and weaker oil demand in the United States.

Talks between Iran and six world powers on Tehran’s nuclear program partly pulled prices lower as it helped ease concerns over crude supplies. The meeting that was held on April 14, the first in 15 months, was said to have a positive atmosphere as all parties desired for substantive progress, the report stated.