Quantcast
Latest Stories

Oil firms cut petrol prices anew

By

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.”


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , Consumer Issues , fuel , News , oil , petroleum products

  • 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.



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Man wins half marathon, dies in Argentina
  • Clouds to bring slight relief from summer heat
  • Canadians rally to legalize marijuana
  • S. Korea ferry transcript reveals evacuation panic
  • Obama, family cause a small stir at Easter service
  • Sports

  • Reigning champs Miami open playoffs with win
  • Spurs subdue Mavericks in playoff opener
  • Wawrinka beats Federer to win Monte Carlo Masters
  • Ageless Hopkins pitches 50-50 Mayweather deal
  • Goodbye MGM, Las Vegas for Pacquiao?
  • Lifestyle

  • Miss America: Don’t suspend teen over prom invite
  • Transitions and resurrection in the performing arts
  • ‘Archaeology tour’ of Cebu’s heritage of faith
  • Historic Fort Bonifacio tunnel converted into a septic tank
  • ‘Imports’ from London, and play of the year
  • Entertainment

  • ‘Captain America’ stays strong atop US box office
  • Easter musings
  • Solenn in shorts
  • Unmerry mix of attention-calling moves on ‘Mini-Me’ TV tilts
  • Persistence pays off for The 1975
  • Business

  • BDO seen keen on bidding for Cocobank
  • Bataan freeport investment pledges up 1,302%
  • Golden Week
  • Bourse to woo Cebu stock mart investors
  • Supper power
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Gigi’s home
  • Palace stonewalls on MRT inquiry
  • Couple of things too
  • There is plenty of water behind Wawa Dam
  • Triduum thoughts of a young boy
  • Global Nation

  • Search for Etihad passengers launched
  • Japan presents $57-B ‘dream plan’ to solve Metro congestion
  • Tim Tebow’s charity hospital in Davao seen to open in 7 months
  • OFW died of Mers-CoV in Saudi Arabia, says family
  • Aquino, Obama to tackle US pivot to Asia during state visit
  • Marketplace