Fuel prices down by P1.50-P2 per liter

Manila, Philippines -  Major and independent oil firms are expected to implement big price cuts until next week as international prices continue to ease, industry and government officials said.

Shell Pilipinas Shell Petroleum Corp. spokesman Roberto Kanapi said they slashed prices of premium gasoline and diesel by P1.50 per liter and regular gasoline and kerosene by P2 per liter effective yesterday.

“Prices continue to drop because of soft requirements for petroleum products abroad,” Kanapi said.

The Department of Energy expects a P1.50 to P2 per liter price rollback for other firms until next week, DOE Oil Industry Management director Zenaida Monsada said in a text message.

Fernando Martinez, chairman emeritus of the Independent Philippine Petroleum Companies Association (IPPCA), said the rollback reflects easing prices abroad.

IPPCA members Filoil and Unioil Petroleum Philippines Inc. announced a P1.50 per liter and P2 per liter rollback for kerosene and P1.50 per liter for diesel and premium gasoline and P2 per liter for regular gasoline, respectively.