Oil companies slash fuel prices anew

MANILA, Philippines - Oil firms rolled back fuel prices for a second consecutive week, a heftier reduction this time, to reflect movements in the international oil market.

Major players that include Pilipinas Shell Petroleum Corp. and Petron Corp. issued their advisories yesterday, while smaller players like PTT Philippines Corp., Phoenix Petroleum and Seaoil Philippines also made similar announcements.

Petron will implement the rate reduction effective 12:01 a.m. today. The company reduced prices by 70 centavos per liter for Turbo Diesel and DieselMax, 30 centavos per liter for Blaze 100 Euro 4, XCS, Xtra Advance and Super Xtra, and 65 centavos per liter for kerosene.

Seaoil followed Petron’s lead, decreasing its gasoline prices by 30 centavos per liter, diesel by 70 centavos and kerosene by 65 centavos a liter.

Shell reduced gasoline price by 25 centavos a liter, diesel by 70 centavos and kerosene by 62 centavos.

Phoenix and PTT made no adjustments in the prices of their kerosene, but rolled back gasoline prices by 25 centavos and diesel by 70 centavos a liter.

Last week, gasoline prices were static while price reductions were implemented for diesel – lower by 25 centavos per liter – and kerosene by 10 centavos.

All oil companies attributed the decline in this week’s pump prices to the movements in the international oil market.

The Department of Energy said geopolitical tensions in key oil producing regions such as the Middle East, North Africa and Russia had also affected supplies and oil prices.