Oil firms implement hefty cuts in pump prices

Oil firms again announced hefty cuts in pump prices as the global oil market continued to slide amid the conflict between Russia and Saudi Arabia as well as the fallout of the coronavirus pandemic. Petron, Seaoil Philippines, Total Philippines and PTT Philippines on Tuesday reduced prices of diesel by P2 per liter and of gasoline by P3.50 per liter. Phoenix was the first to move on Saturday with the same price cut for diesel but only P3 per liter of gasoline. Petron and Seaoil also slashed the pump price of kerosene by P3.50 per liter. As of this writing, Brent crude oil futures—the benchmark for two-thirds of oil contracts worldwide —were trading at $28.12 per barrel, still lower than the $34.36 per barrel set during the March 9 price crash. The Asian bellwether, Dubai crude, was trading at a spot price of $25.88 per barrel, sliding down from $26.40 per barrel the day before. —Ronnel W. Domingo