MANILA, Philippines–Local oil companies have slashed the prices of their gasoline products starting Tuesday to reflect the softening of oil prices in the global market.
Pilipinas Shell Petroleum Corp., Petron Corp., Seaoil Philippines, Eastern Petroleum and PTT Philippines said they would reduce prices of gasoline by 20 centavos at 12:01 a.m. Tuesday, while Phoenix Petroleum Philippines will implement the same rollback at 6 a.m.
No adjustments were announced for other fuel products such as diesel and kerosene.
A report by the Department of Energy said that Dubai crude prices and the Mean of Platts Singapore benchmark for gasoline prices had been declining the past weeks.–Amy R. Remo
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