AP FILE PHOTO
MANILA, Philippines—Local oil companies cut fuel prices on Tuesday to reflect the softening of global market prices.
At 12:01 a.m., Petron Corp. and PTT Philippines lowered their gasoline prices by 50 centavos per liter, diesel by 20 centavos and kerosene by 25 centavos.
Phoenix Petroleum Philippines made similar adjustments at 6 a.m. The other oil firms had yet to announce their new prices.
PTT Philippines said the rollback followed “weaker than expected US and Chinese economic indicators for January 2014, speculating weaker demand, and the reported possible increase of oil exports from Libya, speculating an increase in supply.”
Prior to the price adjustments, diesel prices ranged from P41.55 to P46.45 a liter, while gasoline was retailing at P49.70 to P56.05 per liter.—Amy R. Remo
Originally posted: 7:23 pm | Monday, February 10th, 2014
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