Local oil companies cut pump prices of gasoline, diesel

Oil firms are shaving another 55 centavos off pump prices for a liter of gasoline and 10 centavos for diesel starting at 6 a.m. today.

As of press time, companies that announced plans to reduce prices included Pilipinas Shell Petroleum Corp., Flying V, Seaoil Philippines Inc., Petron Corp., Unioil Petroleum Philippines Inc. and Eastern Petroleum Corp.


Shell, Flying V, Seaoil, Unioil and Petron said they were also cutting the prices of kerosene by 20 centavos a liter.

Data from the Department of Energy (DOE) show that in Metro Manila, the latest price changes would mean that the widely patronized gasoline variant—with an octane rating of 95—would range at P41.60 to P48.70 a liter at the pump.


Also, prices of the regular diesel variant would range at P33.45 to P40.43 a liter.

According to the DOE, production of shale in the United States that was driven offline over the past two years was coming back into operation.

This is moderating the price gains being made by the Organization of Petroleum Exporting Countries and other producers, particularly the agreement reached in December to limit output, it said.

The DOE also cited the smaller than expected rise in US stockpiles, as crude oil inventories rose 600,000 barrels to 518.7 million, 8.9 percent higher year-on-year.

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

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: Fuel Prices, oil firms
For feedback, complaints, or inquiries, contact us.

© Copyright 1997-2020 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.