Oil firms cut prices of gasoline, kerosene

AP FILE PHOTO

MANILA, Philippines–Local oil companies have slashed prices of fuel products due to the continued softening of oil prices in the international market.

In separate advisories, Petron Corp., Pilipinas Shell Petroleum Corp., and Eastern Petroleum said they have cut prices of diesel by 70 centavos a liter, of kerosene by 65 centavos a liter, and of gasoline by 25-30 centavos a liter, effective 12:01 a.m. Tuesday.

Phoenix Petroleum Philippines has also implemented the same price cut that took effect 6 a.m.

Prior to Tuesday’s price adjustments, diesel was retailing for P39.93 to P42.90 a liter, while gasoline prices ranged from P48.05 to P54.85 a liter, according to a monitoring report from the Department of Energy.

Year-to-date total adjustment for diesel stood back to a net decrease of P3.40/liter, while that of gasoline remained at a net decrease of P2.18/liter as of Sept. 9, DOE said.

Last week, oil firms have already slashed prices of diesel by 25 centavos per liter, and of kerosene, by 10 centavos a liter.