Oil firms cut pump prices

MANILA, Philippines—Local oil companies slashed the prices of petroleum products effective on Saturday 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 cut prices of premium gasoline and kerosene by 45 centavos a liter, and of diesel by 40 centavos a liter.

Prior to this latest 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 can be attributed to various factors including the ongoing concerns about stability in the eurozone.