Oil firms cut petrol prices anew

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ROLLBACK. Local oil companies slashed prices of petroleum products. INQUIRER file photo

MANILA, Philippines – For the ninth consecutive week, local oil companies are cutting prices of petroleum products effective Saturday as a result of the continued drop of oil prices in the international market.

Pilipinas Shell Petroleum Corp. and Unioil Petroleum Philippines are reducing the prices of kerosene and regular gasoline by P2 a liter and of unleaded gasoline and diesel by P1.50 a liter.

Other oil companies are expected to follow suit.

Prior to Saturday’s rollback, prices of gasoline ranged from P48.75 a liter to P56.27 a liter, while diesel prices hovered between P41.10 a liter and P53.05 a liter.

As of June 4, the year-to-date net increase for gasoline stood at P1.13 a liter, while diesel posted a net decrease of P1.36 a liter in its prices since the year started.

According to the Department of Energy’s oil monitor report, the continued decline in fuel prices can be attributed to ongoing concerns about the health of the global economy given the impact of euro zone crisis on fuel demand, increased jobless rate in the US and slowdown in China’s manufacturing sector.

The DOE cited news reports that oil prices have “plunged by about two-thirds since reaching record highs in July 2008, pulled down by a widening global economic slowdown that weighs on demand, reducing income for oil producing countries.”

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  • http://jaoromero.com/ Jao Romero

    haha! suck on your greed you fools! too much price gouging are now back firing on you. you’ve beggared your own customers into becoming scrooges when it comes to gas. a lesson every capitalist should learn. there is an efficient maximum price you can set for your product. anything over this limit will decrease your customer base and will create an aversion for your products.

    consumers are still reeling and i don’t think they’re in any condition to pick up their consumption of gas any time soon. i for one am still shelving my car in the garage and waiting until gas hits below the P45 level before i start using it again. i’ve made this resolution upon being forced to cut my budget and totally exclude using my car for transportation when gas exceeded P60. that was just craziness, to spend more for driving my car than drinking one jumbo of red horse. the day driving became more expensive than drinking was the day i stopped driving.

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