LOCAL oil companies announced cuts in the prices of petroleum products following a drop in international crude prices last week amid recovering oil production and concerns of slower energy demand in case Britain exits the European Union.
Shell reduced gasoline prices by 65 centavos per liter, diesel also by 65 centavos and kerosene by 45 centavos at 6 a.m. today.
Seaoil and Flying V implemented the same price cuts at 12:01 a.m.
Eastern Petroleum reduced gasoline and diesel prices by 65 centavos per liter effective 12:01 a.m.
Total and Unioil lowered gasoline and diesel prices by 65 centavos starting at 6 a.m.
Oil is presently hovering over the $47 per barrel to $50 per barrel range.
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