MANILA – Oil firms will reduce prices today, for the ninth consecutive week.

In separate advisories yesterday, Pilipinas Shell Petroleum Corp. (PSPC), Petron Corp., Seaoil Philippines Inc. (SPI), Phoenix Petroleum Philippines and PTT Philippines said they will cut gas prices by P1.10 per liter and diesel prices by 40 centavos per liter.

PSPC, Petron and Seaoil will apply the price changes at 12:01 a.m. today, while Phoenix Petroleum and PTT Philippines' new rates will take effect at 6 a.m. today.

Meanwhile, Eastern Petroleum slashed its gas prices by Php 1.15 per liter and diesel by 45 centavos per liter at 6 p.m. yesterday.

According to the Department of Energy's (DOE's) oil price monitor last week, the current prices of oil firms for diesel are P23.85-27.20 per liter in Metro Manila. It has a common price of P25.05 per liter.

Gasoline, on the other hand, was sold from P37.95 per liter to P44.25 per liter. It has a common price of P42.75.

The DOE data also show that diesel prices went down by P3.49 while gasoline had a net increase of P1.46 per liter during the year.

The international markets still has not recovered from the global oil glut, which was caused by the entry of shale oil in 2013 that further peaked in 2014.

Last week, U.S. oil prices continued to slide as lower demand was expected from second largest oil consumer China.

American benchmark West Texas Intermediate (WTI) has already plunged below $41 per barrel.*PNA

back to top