AP FILE PHOTO
MANILA, Philippines—Local oil companies cut pump prices amid bigger global fuel stockpiles and a stronger peso effective 12:01 a.m. Tuesday.
Petron, Shell and Seaoil lowered prices by 85 centavos per liter for gasoline, 55 centavos for diesel, and 55 centavos for kerosene.
Phoenix and PTT said they would make similar cuts in their gasoline and diesel prices.
The reduction reflects the continued softening in the prices of refined petroleum products in the international market and a stronger peso, the oil firms said.
The year-to-date total adjustments so far stand at a net decrease of P1.10 per liter for diesel and a net decrease of 75 centavos for gasoline.
Analysts said massive American crude stockpiles, which could potentially flood world markets if the US lifts a 35-year ban on domestic oil exports to keep energy superpower Russia in check, were weakening prices.
Another price dampener was the peso, which reached its strongest level for the year on Friday after the country’s credit rating received an upgrade from Standard & Poor’s.—Riza T. Olchondra