Oil companies to cut prices anew | Inquirer News
Close  

Oil companies to cut prices anew

By: - Reporter / @amyremoINQ
/ 06:05 PM May 21, 2011

MANILA, Philippines—The local oil companies were set to cut oil prices anew effective on as global oil prices retreated for a third consecutive week.

Oil major Petron Corp. was to roll back the prices of premium gasoline by P2 a liter, regular gasoline by P1.75 a liter, diesel by 50 centavos a liter, and kerosene, by 30 centavos a liter, while Flying V was to implement the same price cuts but only for gasoline and diesel.

ADVERTISEMENT

Other oil players have yet to announce their respective price adjustments.

This would be the third consecutive time this month that oil companies implemented a rollback reflecting the downward trend of prices in the global market, and the sixth since the beginning of the year—as against the 15 times that these companies jacked up fuel prices during the same period.

FEATURED STORIES

Prior to Sunday’s price rollback, diesel was selling for P42.85 to P44.85 per liter, while gasoline retailed for P52.75 to P59.02 a liter, according to a report by the Department of Energy.

In its May 17 oil monitor report, the DOE said the decline in global prices in the previous two weeks was due partly to the faltering oil demand in China, a large unexpected build in the US crude oil stocks and demand downgrade in the International Energy Agency’s latest forecast.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, Fuel, Gas Prices, Oil, Petroleum
For feedback, complaints, or inquiries, contact us.

News that matters

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.