MANILA – Oil firms will cut prices of gasoline by 55 centavos per liter and diesel by 60 centavos per liter effective today.

In separate advisories yesterday, Petron Corp., Pilipinas Shell Petroleum Corp. (PSPC), Phoenix Petroleum Philippines, Seaoil Philippines Inc. (SPI), PTT Philippines and Eastern Petroleum announced a uniformed amount of price reduction of 55 centavos per liter on gasoline.

Petron and Seaoil said they would decrease their prices at 12:01 a.m., while Shell, Phoenix and PTT Philippines will apply the price movements at 6 a.m., today.

Eastern Petroleum, on the other hand, rolled back its prices at 6 p.m. yesterday.

The oil monitor of the Energy Department shows that prices of gasoline range from P35.95 to P43.45 per liter and a common price of P42.55 per liter.

Eastern also said it would cut its diesel products by 65 centavos per liter.

Other oil companies will also lower their diesel prices by 60 centavos.

Before the slash in prices, most oil firms offered diesel at a price range of P25.20-28.65 per liter, with a common price of P26.70 per liter.

Petron, Shell and Seaoil will also slash their kerosene products by 85 centavos per liter.

Fernando Martinez, chairman and chief executive officer of Eastern, said the price drop was caused by market worries on the return of Iranian crude.

“Some analysts forecast the re-entry of Iranian crude to the market could push fuel prices to continue its downward trend for the rest of the year amid the price increases noted these days. Some are also expecting the oil price recovery to proceed at a measured pace along with a supply glut in petroleum products continuing through the first half of 2016,” he said.

For the entire year, diesel had a net decrease of P2.49 per liter as of last week, while gasoline had a net increase of P1.91 per liter.*PNA

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