3 oil firms slash prices Tuesday

AP FILE PHOTO

MANILA, Philippines—Local oil companies are slashing prices of fuel products on Tuesday to reflect the continued softening of oil prices in the international market.

Pilipinas Shell Petroleum Corp., Petron Corp. and Phoenix Petroleum Philippines have cut prices of premium gasoline by 90 centavos a liter, regular gasoline by 40 centavos a liter, diesel by 35 centavos a liter, and of kerosene by 25 centavos a liter.

Meanwhile, independent player Eastern Petroleum Corp. has implemented a bigger rollback of P1 per liter on premium gasoline. For regular gasoline, Eastern has cut prices also by 40 centavos a liter and for diesel and kerosene, 25 centavos a liter.

The price adjustment this week reversed the oil price hike implemented last week, during which oil companies hiked prices of premium gasoline by 70 centavos a liter, regular gasoline by 60 centavos a liter, and of diesel by 30 centavos a liter.

Based on a report by the Department of Energy, oil prices have seesawed over the past weeks as traders have been trying to gauge the strength of global oil demand, while watching developments surrounding Syria and for any signs of supply disruptions in the Middle East.