MANILA – Aside from a long weekend, consumers are expected to start an enjoyable week with oil companies announcing cuts on its oil products today.

Petron Corporation, PTT Philippines and Pilipinas Shell Petroleum Corporation (PSPC) will roll back their gas prices effective 12:01 a.m. today.

The two oil companies will reduce their gas prices by 15 centavos per liter, while PSPC will lower its petroleum product by 10 centavos per liter.

Similarly, PTT Phils and Petron’s diesel rates will decrease by 35 centavos per liter, with PSPC cutting back at 30 centavos per liter.

Shell also announced a reduction of 35 centavos on their kerosene product.

Petron said that the reduction was due to the trend in international market prices.

As of Monday, the West Texas Intermediate (WTI) was trading at 89.74 USD per barrel, citing a –1.42 percent change in the New York Mercantile Exchange (NYMEX). It is the industry standard and is often purchased due to its easily breakable characteristic, which is vital for the refining process.

Moreover, following a similar trend is Brent Crude Oil, with a -1.20 percent movement in the London branch of the Intercontinental Exchange. Brent is Europe’s premier blend.*PNA

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