OIL FIRMS made substantial cuts in fuel prices this week as expected amid continued weak demand for oil.
Petron and Seaoil reduced prices of gasoline by 60 centavos per liter, diesel by P1.45 per liter and kerosene by P1.45 per liter effective 12:01 a.m. Tuesday.
Shell lowered its pump prices for gasoline, diesel and kerosene by the same amount starting at 6 a.m. today.
Phoenix Petroleum and PTT Philippines cut gasoline prices by 60 centavos per liter and diesel prices by P1.45 per liter starting 6 a.m. Tuesday.
Eastern Petroleum Corp. reduced effective 6 p.m. Monday the prices of gasoline and diesel at 60 centavos and P1.45 per liter, respectively.
Eastern chair and CEO Fernando Martinez attributed the latest price adjustments to the continuous downward trend of prices in the world oil market.
“Analysts are expecting the price war to continue up to the end of next year, as Saudi Arabia would not be able to reduce output while Iran continues to increase its production,” Martinez said.
The price cuts reflected the continued decline in the prices of petroleum products in the world market, the companies said separately. Riza T. Olchondra