4 oil firms cut gas pump prices effective Tuesday

MANILA, Philippines—Local oil companies are slashing prices of fuel products effective Tuesday to reflect the drop in the price of oil in the world market and the strengthening of the peso against the US dollar.

Independent players Eastern Petroleum Corp. and Seaoil Philippines implemented a bigger rollback of P1 per liter for all gasoline products and 75 centavos a liter for diesel and kerosene.

Pilipinas Shell Petroleum Corp. and Phoenix Petroleum Philippines Inc., meanwhile, will also slash gasoline by P1 a liter, of kerosene by 75 centavos a liter and of diesel by 50 centavos a liter, effective also on Tuesday.

Prior to Tuesday’s rollback, the price of gasoline already averaged P56.30 a liter and diesel, at P45.10 per liter. Kerosene products, meanwhile, retailed for P49.24 a liter to P55.04 a liter.

As of August 5, the Dubai crude fell to $101 a barrel from $113 last August 1.

Prices of gasoline based on the Mean of Platts Singapore (MOPS) benchmark for petroleum products also fell to $118 a barrel as of August 5 from $129 a barrel on August 1. MOPS-based diesel prices similarly decreased to $123 a barrel from $134 during the same period.