Shell, Chevron, Total cut gas prices

MANILA, Philippines — Pilipinas Shell Petroleum Corp., Chevron Philippines and Total Philippines slashed prices of premium gasoline by 60 centavos a liter and of regular gasoline by 30 centavos a liter on Thursday.

This announcement effectively recalled the oil price hike that these three companies implemented a day earlier (Wednesday), when they advised of an increase of 60 centavos a liter for premium gasoline and of 30 centavos a liter for regular gasoline.

Shell said this adjustment was in “anticipation of the softening of international oil prices… We will continue to monitor movements of international oil prices.”

On Monday, oil companies slashed the price of diesel by 40 centavos a liter and of kerosene by 50 centavos a liter, with the downward trend for the global prices of these two petroleum products attributed to dampened demand.