Shell cuts petrol prices
MANILA, Philippines—With world crude prices falling, Pilipinas Shell Petroleum Corp. is cutting gas prices shortly after midnight Sunday, Radyo Inquirer reported.
Diesel price will be cut by P1.75 per liter, P1.25 for regular gasoline, P0.50 for unleaded gasoline, P2 for kerosene, it reported Saturday, quoting Shell vice president for communications Bobby Kanapi.
World oil prices fell 15 percent this week, the steepest decline in two and a half years, just as average US pump prices were approaching $4 a gallon. Gasoline prices fell imperceptibly to consumers’ eyes Friday — one-tenth of a penny to just over $3.98 per gallon — but that ended a 44-day streak of rising prices.
Prices will soon drop noticeably and some analysts said they could hit $3.50 by summer.
