Oil firms cut pump prices

MANILA, Philippines–Oil firms are lowering pump prices starting Tuesday after several weeks of increases or mixed price movements.

In separate advisories, Petron and Shell said they cut prices of diesel by 85 centavos per liter, gasoline by 55 centavos per liter and kerosene by P1.10 per liter.

Eastern Petroleum also adjusted prices for diesel and gasoline at similar rates.

Phoenix Petroleum reduced prices starting 6 a.m. on Tuesday.

The last time oil firms announced a reduction in prices was on Feb. 3—30 centavos per liter for diesel. But they maintained gasoline and kerosene prices.

Prices increased steadily on Feb. 10, 17 and 24.

Mixed price movements marked March 3, with most of the oil companies implementing an increase of 15 centavos per liter for gasoline, a decrease of 40 centavos per liter for diesel and a reduction of 80 centavos per liter for kerosene.

Prices went up again on March 10—95 centavos per liter for gasoline and 55 centavos per liter for diesel.

Industry analysts said the rollback this week indicated that the temporary stability offered by oil storage for international traders was not holding up and the strong dollar was making oil products cheaper for importing economies.

International market reports said spare capacity was running low for short-term oil storage.

The International Energy Agency said the recent stability in oil prices may not last as the impact of price rebalancing due to the shale oil boom in the United States had yet to run its course.