25-centavo cut in diesel pump rates announced

MANILA — Local oil firms have again cut pump prices of diesel by 25 centavos per liter, which will take effect as early as 12 a.m. Tuesday, but made no changes for gasoline.

As of press time, companies that gave notice of price cuts included Pilipinas Shell Petroleum Corp., Flying V, Phoenix Petroleum Philippines Inc., Seaoil Philippines Inc., Petron Corp., and Eastern Petroleum Corp..

Also, Shell, Flying V, Seaoil and Petron reduced the prices of kerosene by 15 centavos per liter.

Monitoring by the Department of Energy (DoE) show that in Metro Manila, the latest price changes would bring prices of diesel to the range of P27.33 to P38.49 a liter at the pump.

Further, prices of kerosene would now range from P26.95 to P32.85 a liter.

Melita V. Obillo, officer in charge-director of the DOE’s Oil Industry Management Bureau, said low demand has helped maintain an oversupply of petroleum products despite an agreement among crude oil producers to cut output volume.

“In the United States, they are still building inventories due to production of shale (oil),” Obillo said. “There is really too much output in the market.”

She said that since the start of the year and as of last week, changes in diesel prices have accumulated to a net reduction of 35 centavos per liter.

She added that, at the same time, changes in gasoline prices have accumulated to a net reduction of 31 centavos per liter.  SFM