Oil firms cut prices

MANILA, Philippines - Petron Corp., the country’s largest oil refining and marketing company, Caltex Philippines, Inc. and Seaoil Philippines yesterday announaced an oil price reduction for its different petroleum products effective today.

In an advisory yesterday, Petron said it would slash by 45 centavos per liter its Blaze 100, XCS and Xtra unleaded gasoline products.

It also announced a rollback of 55 centavos per liter for its Pinoy gasoline and regular products and a 25-centavo  price cut for Turbo Diesel and Diesel Max.

Petron also announced a 20-centavo rollback for kerosene.

“This reflects movements in the international oil market,” Petron said in its advisory.

Similarly, Seaoil announced a reduction in the prices of its premium and unleaded gasoline by 45 centavos per liter and 25 centavos for diesel.

Kerosene products will also go down by 20 centavos per liter while prices of regular gasoline will go down by 55 centavos per liter.

Caltex will also rollback the price of its Gold and Silver gasoline brands by 45 centavos per liter; regular gasoline by 55 centavos per liter and diesel products by 25 centavos per liter.

It will also slash prices of kerosene by 20 centavos per liter.

Pilipinas Shell also announced late yesterday that it will reduce 45 centavos on its unleaded and premium gasoline, 55 centavos for its regular gasoline and 20 and 25 centavos on its kerosene and diesel, respectively.

This marks the fourth price adjustment since the start of the year, reflecting movements in global crude prices.

The latest price adjustment comes after oil industry players raised diesel and kerosene prices by 40 centavos per liter and implemented a 40-centavo price rollback for gasoline products.

As of press time, other petroleum players have yet to announce similar adjustments.