Oil firms cut pump prices effective Tuesday

AP FILE PHOTO

MANILA, Philippines—Local oil firms are rolling back fuel prices, citing downward international price adjustments.

Petron, Shell, Seaoil and PTT announced a decrease of 30 centavos per liter for gasoline, 65 centavos for diesel and 70 centavos for kerosene from 12:01 a.m. Tuesday. Eastern Petroleum is cutting gasoline prices by 35 centavos per liter and diesel by 70 centavos.

Independent oil player Phoenix Petroleum said it would lower gasoline prices by 30 centavos per liter and diesel by 65 centavos effective at 6 a.m.

The rollback reflects softening prices of refined petroleum products in the international market, the companies said.

Year to date there has been a net decrease of five centavos per liter in gasoline prices, while diesel has seen a net decrease of P1.35 per liter.

Oil prices dropped internationally, particularly in the United States, toward the end of last week’s trading as the United States announced a test sale of crude oil from its emergency stockpile.

Originally posted: 12:56 pm | Monday, March 17th, 2014
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