Oil firms reduce prices

MANILA, Philippines—Local oil companies have slashed the prices of their fuel products effective today (Sunday) as global prices had begun to ease due to dampened demand.

In separate advisories, Flying V Philippines said it had cut prices of premium gasoline by 20 centavos a liter, regular gasoline by 20 centavos a liter, and of diesel and kerosene by 80 centavos a liter.

Eastern Petroleum rolled back its prices of premium gasoline by 20 centavos a liter, of regular gasoline by 40 centavos a liter, and of diesel by 80 centavos a liter.

Pilipinas Shell Petroleum Corp., meanwhile implemented the same adjustment as Eastern Petroleum, except that it also slashed prices of kerosene by 90 centavos a liter.

Total lowered its prices by 20 centavos a liter for unleaded gasoline and Protec, 40 centavos for regular gasoline and 80 centavos for diesel.

The latest price adjustments, which are the first rollback to be implemented this year, reversed the upward trend seen in the first few weeks of 2012. Other oil companies had yet to announce their respective price adjustments.