Gas prices rolled back
MANILA, Philippines - Oil companies have slashed fuel prices, snapping two consecutive weeks of rate increases.
Petron Corp., Pilipinas Shell Petroleum Corp. and Eastern Petroleum Corp. cut pump prices by 35 centavos per liter for regular gasoline and 60 centavos per liter for premium gasoline effective today.
The oil firms also reduced the prices of kerosene by 40 centavos per liter. But there were no price adjustments for diesel.
“Gasoline prices were rolled back because inventory in the US increased,” said Zenaida Monsada, Oil Industry Management director of the Department of Energy (DOE).
DOE data showed that prices of premium gasoline fell to $121 per barrel on Nov. 30 from $123 on Nov. 26 while kerosene slipped by $1 per barrel to $126 for the same period.
Monsada said diesel prices marginally picked up last week but the strong peso offset the adjustment and there was no weekly price increase.
Almost all oil companies marked up prices of premium gasoline by 60 centavos per liter as fears of supply disruptions jacked up benchmark international prices last week.
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