5 oil firms roll back prices for 8th consecutive week

MANILA, Philippines — For the eighth consecutive week, local oil companies are slashing prices of petroleum products effective Monday to reflect the continued downtrend in the international oil market.

Petron Corp., Pilipinas Shell Petroleum Corp., Eastern Petroleum, Phoenix Petroleum and Seaoil Philippines have decided to slash prices of diesel by 65 centavos a liter; kerosene by 60 centavos a liter; regular gasoline by 40 centavos a liter; and of unleaded gasoline by 30 centavos a liter.

Other oil companies are expected to follow suit. Prior to Monday’s rollback, prices of diesel ranged from roughly P42 a liter to P46 a liter while gasoline prices hovered between P48 to P56.

Global oil prices have been falling to its lowest level in more than six months, according to the Department of Energy, due to high fuel supply inventory in the US and concerns that Europe’s debt crisis would worsen, thus eventually dampening demand.