Oil firms cut prices following world trend

Local oil companies have slashed the prices of their fuel products effective today (Tuesday) to reflect the drop in oil prices in the world market and the strengthening of the peso against the US dollar.

Independent players Eastern Petroleum Corp. and Seaoil Philippines implemented a rollback of P1 per liter for all gasoline products and 75 centavos a liter for diesel and kerosene.

Petron Corp., Pilipinas Shell Petroleum Corp. and Phoenix Petroleum Philippines Inc., meanwhile, slashed the prices of their gasoline by P1 a liter, of kerosene by 75 centavos a liter, and of diesel by 50 centavos a liter, also effective today.

Prior to the latest rollback, the price of gasoline had averaged P56.30 a liter and diesel P45.10 per liter. Kerosene products retailed for P49.24 to P55.04 per liter.

As of Aug. 5, Dubai crude fell to $101 a barrel from $113 on Aug. 1.

Prices of gasoline based on the Mean of Platts Singapore (MOPS) benchmark for petroleum products also fell to $118 a barrel as of Aug. 5 from $129 a barrel on Aug. 1.

MOPS-based diesel prices similarly decreased to $123 a barrel from $134 during the same period.