4 oil firms slash prices as global market stays well supplied

PHOTO FROM PHOENIXPHILIPPINES.COM

MANILA, Philippines—Local oil companies are slashing prices of fuel products this week, reflecting the continued softening of oil prices in the international market.

Independent player Phoenix Petroleum Philippines was the first to slash prices of diesel by 85 centavos a liter, and of regular gasoline by 40 centavos a liter, on Monday night.

Petron Corp., Pilipinas Shell Petroleum Corp. and Eastern Petroleum are implementing the same price rollback for their diesel, kerosene and regular gasoline products on Tuesday.

Zenaida Y. Monsada, director of the Oil Industry Management Bureau at the Department of Energy, explained that the “well-supplied” global market has been a major reason for the downtrend in oil prices. No significant price spikes are expected unless conflicts arise or tensions in critical oil-producing countries resurface, according to Monsada.

Also contributing to the decreases is the dim outlook on the European economy, as the uncertain conditions on Greece and Spain continue to drag global performance.