INQUIRER FILE PHOTO
MANILA, Philippines–Local oil companies cut fuel prices today to reflect the continuing softening of oil prices in the global market.
Petron Corp. and Chevron Philippines slashed premium gasoline prices by 40 centavos per liter and of kerosene by 20 centavos a liter.
Pilipinas Shell Petroleum Corp., Seaoil Philippines and Eastern Petroleum cut their premium gasoline prices by 35 centavos per liter and kerosene by 20 centavos.
No price adjustments were made for diesel and regular gasoline.
As of Oct. 29, the year-to-date price adjustments resulted in a net increase of 58 centavos a liter for gasoline and a net decrease of 88 centavos a liter for diesel.
According to the Department of Energy, global oil prices last month further declined on reports of abundant supplies and concerns regarding the health of the global economy.