LOCAL oil firms implemented cuts in pump prices this week, reflecting movements in the international oil market.
In an advisory, Petron and Seaoil announced lower pump prices by 75 centavos per liter for gasoline, 50 centavos per liter for diesel and 80 centavos per liter for kerosene effective 12:01 a.m. today (Tuesday).
Shell cut prices by 65 centavos per liter for gasoline, 45 centavos for diesel and 80 centavos for kerosene from 6 a.m., also today (Tuesday).
PTT Philippines implemented a rollback of 75 centavos per liter for gasoline and 50 centavos for diesel at 6 a.m.
Eastern Petroleum Corp. started it all at 6 p.m. on Monday, slashing the prices of diesel and gasoline by 50 centavos and 80 centavos per liter, respectively.
Eastern Petroleum chair and CEO Fernando L. Martinez said the latest price adjustments reflected the continuous downward trend in world oil prices.
“While analysts are expecting the supply surplus to continue through next year and 2017, no one can tell how long the downward trend will continue,” Martinez said. Riza T. Olchondra