MANILA, Philippines–Independent player Seaoil Philippines cut prices of petroleum products effective Friday to reflect the softening of oil prices in the global market.
Seaoil said it had slashed prices of premium gasoline and kerosene by P1 a liter, diesel by 90 centavos a liter, and of regular gasoline by 50 centavos a liter.
Other oil companies have yet to announce their respective oil price rollbacks.
As of March 4, diesel prices ranged from P40.10 to P43.04 a liter while gasoline retailed for P49.90 to P56.19 a liter.
The Department of Energy cited analysts as saying that “oil prices [are] unlikely to rise much in the short term as demand remains weak and supply is abundant.”
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