MANILA, Philippines - Pilipinas Shell Petroleum, Sea-Oil Petroleum and Flying V Petroleum have rolled back their pump prices by P0.65 per liter for premium gasoline, P0.50 per liter for regular gasoline, P0.40 per liter for diesel, and P0.25 per liter for kerosene.
Sea-Oil said it reduced its pump prices “to reflect price movements in the international petroleum market.”
Other oil players are expected to make similar announcement.
The Department of Energy (DOE) noted that Dubai crude prices have been going down by an average of $2 per barrel, due largely to weaker demand from the US and China as well as renewed concerns over Eurozone debt woes.
Officials also noted that talks between Iran and six global powers on the Islamic nation’s nuclear program may have also added downward pressure on prices.
Ample supply of gasoline particularly in the US has kept prices in Asia at lower levels.