Oil companies cut fuel prices by 50 centavos

MANILA, Philippines—The Local oil companies were to reduce the prices of petroleum products by 50 centavos per liter effective Sunday.

Pilipinas Shell Petroleum Corp., Petron Corp., Seaoil Philippines and Eastern Petroleum Corp. explained in their advisories that the latest price adjustment reflected the downtrend in the prices of fuel products in the global oil market.

Prior to Sunday’s rollback, the net increases in diesel prices stood at P5.30 a liter, and of gasoline at P5.72 a liter. As of June 29, diesel retailed at an average of P44.20, while gasoline prices stood at P54.65 a liter.

In the global market, the price of Dubai crude stood at $105 while the prices of unleaded gasoline and diesel based on the Mean of Platts Singapore benchmark for  refined petroleum products stood at $118 and $123 a barrel, respectively.

According to the latest oil monitor report of the Department of Energy, the prices of crude oil and petroleum products fell further after the International Energy Agency (IEA) announced the release of two million barrels a day for 30 days beginning next month to make up for lost Libyan output, and to give the global economy relief from high energy costs.

Half of the 60 million barrels of crude will come from the United States’ Strategic Petroleum Reserve, according to the IEA and the US Department of Energy, it said.