A gas attendant fills a vehicle’s gas tank at a local gas station in Quezon City. INQUIRER PHOTO/ ALEXIS CORPUZ
MANILA – Local oil companies are slashing prices of petroleum products effective Tuesday (July 5), to reflect the softening of oil prices in the global market.
According to separate advisories, Pilipinas Shell Petroleum Corp. and Seaoil Philippines will slash prices of gasoline products by 60 centavos a liter, and of kerosene, by 20 centavos a liter.
No price adjustment was implemented for diesel products. Phoenix Petroleum Philippines and PTT Philippines had implemented the same price rollback but only for their respective gasoline products. Other oil companies, meanwhile, are expected to implement same adjustments on Tuesday.
Based on the latest oil monitor report from the Department of Energy (DOE), crude oil prices have been declining “on worries about the global economy, a weaker-than-forecast fall in United States (US) stockpiles and expected pick-up in oil output.”
Other developments affecting prices of the Dubai crude oil and finished petroleum products included concerns about faltering growth in China, largely due to industrial overcapacity and spiraling debt; the International Monetary Fund warning of a lopsided global economic growth; and a modest US crude inventory, among others, the DOE report further stated. SFM