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MANILA, Philippines—Local oil companies were to cut prices of petroleum products one stroke after midnight Friday to reflect the continued decline of oil prices in the global market.
Pilipinas Shell Petroleum Corp., Petron Corp., Seaoil Philippines, Chevron Philippines and Phoenix Petroleum Philippines said they were going to cut the prices of premium gasoline and kerosene by 45 centavos a liter, and of diesel by 40 centavos a liter.
Prior to this price adjustment, diesel prices ranged from P39.20 to P42.14 a liter while gasoline retailed for P49 to P55.29 a liter. As of March 10, the year-to-date net increase in gasoline prices stood at 95 centavos a liter. For diesel, the previous rollbacks have already offset the price increases in the previous months.
According to a report from the Department of Energy, the continued softening of oil prices could be attributed to various factors, including the ongoing concerns about stability in the euro zone following Italy’s parliamentary elections early this week, and the “diminishing geopolitical risk premium.”