Oil prices slashed for second straight week

Oil companies are again implementing price cuts on their fuel products effective March 11, just like they did last week. In separate advisories on Monday, Jetti Petroleum, Petro Gazz, PTT Philippines, Shell Pilipinas, Seaoil, Chevron Philippines and Cleanfuel announced price drops per liter of 90 centavos for diesel, P1.70 for gasoline and P1.80 for kerosene. Industry players earlier said that several global events, such as the plan of the Organization of the Petroleum Exporting Countries (Opec) and its allies to increase their output by next month, would lead to a big-time pump price decrease this week. Rodela Romero, assistant director of the Department of Energy’s Oil Industry Management Bureau, said that other factors include the Opec+ move, US trade tariffs with Canada, China and Mexico, and the US buildup of commercial crude oil stockpiles. Last week, local industry players reduced the prices per liter of gasoline by 90 centavos, diesel by 80 centavos and kerosene by P1.40 per liter. —JORDEENE B. LAGARE