Oil firms cut prices yet again

MANILA, Philippines—Local oil companies again cut fuel prices effective today as global oil prices retreated for the third consecutive week.

Oil majors Petron, Shell and Eastern Petroleum rolled back the prices of their premium gasoline by P2 a liter, regular gasoline by P1.75 a liter, diesel by 50 centavos a liter, and of kerosene by 30 centavos a liter. Flying V and Total implemented the same price cuts only for gasoline and diesel.

This is the third consecutive rollback this month reflecting the downward trend of prices in the global market, and the sixth since the beginning of the year—against the 15 times that the companies jacked up t heir prices.

Prior to today’s rollback, diesel was selling at 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 was due partly to faltering oil demand in China, a large unexpected buildup in US crude oil stocks and a demand downgrade in the International Energy Agency’s latest forecast. Amy R. Remo