Oil firms cut fuel prices anew

MANILA, Philippines—Local oil companies have again slashed the prices of gasoline by P1.20 a liter, of diesel by P1 a liter, and of kerosene by 80 centavos a liter, effective Monday.

Pilipinas Shell Petroleum Corp., Petron Corp., Seaoil Philippines, Unioil Petroleum Philippines and Eastern Petroleum Philippines said the latest price rollback was due to the downtrend in the prices of oil in the global market.

This is the third consecutive rollback implemented by oil companies, which followed the price decreases seen last September 13 and 20. Oil companies did not adjust prices last week.

Prior to Monday’s rollback, the year-to-date net increase in gasoline prices stood at P7.40 a liter and P5.15 a liter for diesel.

An oil monitor report by the Department of Energy cited Platts as saying that despite the plunge in prices, the fundamentals remained strong in the Asian market.

This meant that more oil price volatility can be expected, the report said.