Oil firms to cut pump prices tomorrow
MANILA, Philippines - Oil companies will roll back prices of gasoline, kerosene and diesel effective tomorrow amid an improving supply situation in the global crude market.
Petron Corp., the country’s biggest oil refiner, announced yesterday a reduction of 90 centavos per liter for Super Extra, XCS, Xtra Advance and Super Xtra.
In its advisory, Petron said it would also roll back Turbo Diesel and Diesel Max by P1.10 per liter and kerosene by 70 centavos per liter.
“This reflects movements in the international oil market,†Petron said.
Flying V issued a similar announcement.
According to the Department of Energy (DOE)’s latest monitoring report, world crude prices have sustained marginal declines as reports showed that US economic growth slowed to 0.1 percent in the first quarter of the year, and oil supplies in the US rose to record levels.
“On the supply side, rising oil exports by Libya, though still far from earlier levels of near 1.4 million barrels per day, also contributed to the drop in prices,†the DOE said.
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