Oil firms cut pump prices anew

MANILA, Philippines - For the second straight week, oil companies announced last night a rollback on the prices of gasoline and diesel by 95 centavos effective today.

Pilipinas Shell Petroleum Corp. (Shell) issued the first announcement followed by Petron Corp., Caltex Philippines, Seaoil Philippines and PTT Philippines.

The rollback reflected movements in the international oil market, they said.

In its advisory, Petron said it is implementing a price rollback of 95 centavos per liter for Blaze 100 Euro 4, XCS, Xtra Advance, Super Xtra, Turbo Diesel, DieselMax and Kerosene.

Similarly, PTT Philippines, a local subsidiary of Thailand’s biggest oil firm, and other firms lowered prices.

This is the second straight week that oil firms cut prices of petroleum products after reducing diesel price by 85 centavos per liter and kerosene by 95 centavos per liter, although they left prices of gasoline unchanged last week.

The latest oil price monitoring report of the Department of Energy showed that crude oil prices slowly receded on easing concerns over possible oil supply disruptions from Iraq.