OIL firms cut prices this week as world oil prices continued their downward trend.
Shell and Seaoil rolled back gasoline prices by 40 centavos per liter, diesel by 30 centavos per liter and kerosene by 45 centavos, effective 6 a.m. today (Tuesday).
Petron also lowered prices by the same amounts at 12:01 a.m. earlier.
PTT Philippines and Phoenix Petroleum rolled back gasoline prices by 40 centavos per liter and diesel by 30 centavos also at 6 a.m.
Eastern Petroleum cut prices by 40 centavos and 30 centavos, respectively, of gasoline and diesel at 6 p.m. Monday.
Eastern Petroleum chair and CEO Fernando L. Martinez said the price adjustments reflected the downward trend in world oil prices at the close of last week’s trading.
“Analysts expect the oil market to remain bearish, which could really hurt demand and world oil prices. With oil trading near six-year lows, the healthy demand has prevented prices from dropping further amid the worsening oil glut due to oversupply,” Martinez said. Riza T. Olchondra