Oil firms cut pump prices starting Tuesday
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March 18,2014
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AP File photo
Philippine petroleum companies have cut their pump prices, as they cited a downward trend in international oil prices. Petron, Shell, Seaoil and PTT announced a rollback of 30 centavos per liter for gasoline, 65 centavos for diesel and 70 centavos for kerosene from 12:01 a.m. March 18. Eastern Petroleum is cutting its gasoline price by 35 centavos per liter, and diesel by 70 centavos.
Independent oil player Phoenix Petroleum announced that it would lower gasoline prices by 30 centavos per liter and diesel by 65 centavos effective at 6 a.m.
The companies said that the rollback reflects softening prices of refined petroleum products in the international market.
Year to date in the local market, there has been a net decrease of five centavos per liter in gasoline prices, while diesel has seen a net decrease of P1.35 per liter.
Oil prices have dropped internationally, particularly in the United States, toward the end of last week’s trading as the United States announced a test sale of crude oil from its emergency stockpile.
With report by Riza T. Olchondra
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