MANILA, Philippines — Local oil companies are slashing the prices of petroleum products, effective Tuesday, to reflect the continued softening of global oil prices.
Pilipinas Shell Petroleum Corp., Petron Corp., Chevron Philippines, Eastern Petroleum, Phoenix Petroleum Philippines and Seaoil Philippines are cuting prices of premium gasoline by 60 centavos a liter, regular gasoline by 35 centavos a liter and of kerosene by 40 centavos a liter.
Zenaida Y. Monsada, director of the Oil Industry Management Bureau at the Department of Energy explained that the decline in global oil prices could be attributed to the large fuel inventory of the US.
Monsada further disclosed that global diesel prices inched up slightly but was offset by the strengthening of the Philippine peso.
Prior to this week’s oil price rollback, prices of unleaded gasoline ranged from P48.75 a liter to P54.64 a liter while diesel prices ranged from P40.70 a liter to P42.95 a liter.
Prices of premium gasoline based on the Mean of Platts Singapore (MOPS) fell to $121 a barrel as of Nov. 30 from $123 a barrel as of Nov. 26, while those of regular gasoline remained flat during the period.
MOPS-based kerosene prices similarly fell to $126 a barrel as of Nov. 30 from $127 a barrel as of Nov. 26.