MANILA, Philippines?Oil firms on Monday brought down the prices of their premium gasoline products by P1.25 a liter and prices of their regular gasoline, diesel and kerosene by P1 a liter.
It was Pilipinas Shell Petroleum Corp. that first reduced its prices, at 12:01 a.m., followed by Petron Corp., Chevron Philippines Inc. and Seaoil Philippines Inc. at 6 a.m.
PTT Philippines Inc. and Phoenix Petroleum Corp. followed suit at noon.
Petron said it cut its prices ?to reflect the downward movements in the international oil market.??
Phoenix Petroleum said its price adjustments reflected not only the decline in world market prices but were also in response to competitors? pricing.
The Department of Energy?s May 11 oil price monitor noted the marking down of crude prices.
