Oil firms cut pump prices

Local oil firms are implementing yet another round of price cuts, this time with bigger reductions of 80 centavos per liter for gasoline and P1.10 for diesel effective today.

As of press time, companies that have announced price cuts included Pilipinas Shell Petroleum Corp., Flying V, PTT Philippines Corp., Phoenix Petroleum Philippines Inc., Eastern Petroleum Corp. and Petron Corp.,

Shell, Flying V, and Petron also said they were reducing the prices of kerosene by 1.20 centavos per liter.

Monitoring by the Department of Energy (DOE) showed that in Metro Manila, the latest price changes would bring prices of gasoline to the range of P38.60 to P47.29 a liter at the pump.

Prices of diesel would now range from P26.95 to P32.85 a liter. Kerosene prices would now be in the range of P31.65 to P41.43 per liter.

According to the DOE, international oil prices have sustained a downward trend even as the agreement among crude oil producers had helped “improve” the supply and demand situation.