Oil firms to cut gas prices Tuesday; kerosene prices to go up

AP FILE PHOTO

MANILA, Philippines — Oil firms said separately on Monday that they would slash gasoline prices and raise kerosene prices by Tuesday morning to reflect international movements.

Shell, Chevron, and Seaoil said they were implementing a P0.35-per-liter rollback on gasoline products and P0.25-per-liter increase of kerosene products, effective 12:01 a.m. Tuesday.

Eastern Petroleum also said its price cut of P0.35 per liter for its unleaded and premium gasoline would be implemented at 12:01 a.m. Tuesday, while the prices of its other products would remain unchanged.

Petron said it was implementing the P0.35-per-liter rollback on gasoline products and P0.25-per-liter increase for kerosene at 6 a.m., also on Tuesday.

At the same time, PTT Philippines will have implemented the same price cut for gasoline while its other product prices remain unchanged.

As for diesel, all the oil companies said there would be no price adjustment.

The price changes reflect movements in the international oil markets and foreign exchange, the companies said.

Other oil companies have not yet announced price adjustments for the week as of this writing. In general, however, oil firms operating in the Philippines track each other’s price movements since the country imports about 90 percent of its fuel requirements.