4 oil firms to cut gas, diesel, kerosene prices Tuesday

MANILA, Philippines — Local oil companies have slashed prices of petroleum products for the 11th consecutive week as global oil prices continue to soften.

Effective on Tuesday, Pilipinas Shell Petroleum, Petron Corp., Chevron Philippines and Eastern Petroleum have cut prices of premium gasoline by P1.20 per liter, regular gasoline by P1.10 per liter, diesel by 50 centavos a liter and of kerosene by 35 centavos a liter.

Prior to Tuesday’s rollback, prices of diesel ranged from P39.20 a liter to P51.15 a liter, while gasoline prices hovered between P46.70 a liter and P54.22 a liter.

As of June 11, the year-to-date net decrease in the prices of gasoline and diesel stood at 92 centavos a liter and P3.26 a liter, respectively.

According to the oil monitor report of the Department of Energy, Dubai crude price hovered around $90 a barrel after it went down below the $100-level on the first day of June, on fears that the Euro zone debt crisis would engulf more countries and threaten petroleum demand.

The DOE cited a news report quoting Peter Voser, CEO of Royal Dutch Shell, as saying that the “recessionary elements in Europe and a small slowdown in Asia Pacific are among the reasons behind the softening of global oil demand… As such, price softening is expected to go well until the second half of this year.”