Oil firms cut gas prices by P1.50/liter

MANILA, Philippines - Petron Corp. and Chevron Philippines have reduced the pump prices of all their gasoline products by P1.50 per liter and diesel and kerosene by P1.70 per liter effective 6 a.m. today.

“This is to reflect the downtrend in the international oil market,” Petron said.

Phoenix Petroleum Philippines Corp. also declared the same price range and its equivalent petroleum products as Petron’s but the rollback took effect yesterday evening.

Seaoil Petroleum Corp. likewise reduced pump prices but with a slightly different tact.

It cut gasoline, diesel and kerosene products by P1.85 per liter and unleaded and premium gasoline by P1.75 per liter.

Last Friday, Flying V Petroleum Corp. and Eastern Petroleum Corp. took the initiative by rolling back pump prices by P1 to P1.50 per liter.

Oil prices fell to below $85 per barrel from $100 per barrel in July as the European debt crisis did not show signs of improving and the US economy not only weakened but was slapped a downgrade by international credit rating agency, Fitch.

Last Friday, prices remained from $83 to $88 per barrel.