Gas prices rolled back

MANILA, Philippines - Major and independent oil firms have cut local pump prices marginally due to softening prices abroad.

Pilipinas Shell Petroleum Corp., Eastern Petroleum Corp., Phoenix Petroleum Philippines Inc. and Seaoil Philippines Inc. slashed prices of premium and unleaded gasoline by 35 centavos per liter.

Petron Corp. decreased prices of premium gasoline by 40 centavos per liter.

The oil firms also marked down prices of kerosene by 20 centavos per liter.

The price adjustments are effective today and the companies said there are no movements for regular gasoline and diesel.

“This reflects movements in the international oil market,” Petron and Seaoil said in a text advisory.

Last week, almost all oil firms cut prices of premium and regular gasoline by P2.15 and P1.70 per liter, respectively.

The oil players also decreased prices of diesel and kerosene by P1.35 per liter.

Benchmark global prices slightly eased last week as investors were still worried on the slowing economic growth in China and weak prospects for the US.

Department of Energy (DOE) data showed that since the start of the year, the net increase for gasoline hit 23 centavos per liter while diesel posted a net decrease of 88 centavos per liter.