Fuel prices come down

OIL FIRMS cut fuel prices this week as an oversupply lingered in the international market.

Petron, Seaoil and Flying V said they were rolling back the prices of gasoline by 70 centavos per liter, diesel by 50 centavos and kerosene by 55 centavos effective 12:01 a.m. today. Shell will implement similar price cuts at 6 a.m.

Eastern Petroleum, Phoenix Petroleum and PTT Philippines, which do not sell kerosene, will implement similar rollbacks on gasoline and diesel from 12:01 a.m. today for Eastern and 6 a.m. for the two other firms.

“We only follow the trend in the international market so that is to be expected,” Energy Secretary Zenaida Monsada said. “The rollback would have been higher but there was anticipation of a meeting between OPEC and non-OPEC countries on proposed production cuts.”

April 17 is the target date for a meeting between OPEC and non-OPEC countries in Qatar on a proposal to take production back to January 2016 levels.  Riza T. Olchondra