MANILA, Philippines — Local oil firms slashed pump prices as crude oil prices continued to ease with jitters on a US-Iran war gone and a sluggish global economy — especially in China — put the problem of oversupply into focus.
Petron, Pilipinas Shell, Total Philippines reduced the pump prices of gasoline by 85 centavos and of diesel by P1.70 per liter effective 6 a.m. Tuesday.
Ahead of this, Phoenix Petroleum and Seaoil Philippines implemented a 90-centavo decrease for gasoline on Saturday and Monday, respectively.
Petron, Shell and Seaoil cut prices of kerosene by P1.65 per liter.
This put pump prices lower than their end-2019 levels, not counting the third tranche of tax hikes that took effect last Jan. 1.
Last week, Dubai crude prices fell further from $63.36 per barrel on Jan. 13 to $62.62 as of Jan. 16.—Ronnel W. Domingo