Oil firms cut pump prices

MANILA, Philippines - Oil companies will implement price cuts on petroleum products shortly after midnight of Monday or early morning today.

In separate advisories yesterday, Pilipinas Shell Petroleum Corp., Petron Corp. and independent oil player Phoenix Petroleum Philippines announced a cut in gasoline prices by 10 centavos per liter and by 20 centavos per liter for diesel.

The price cuts reflect movements in the international oil market, Petron said.

Phoenix Petroleum Philippines said the price cut would be effective starting at 6 a.m. today.

 Other oil firms are expected to issue similar announcements.

Oil prices have been on the decline the past several weeks on upbeat prospects of global supply against slower demand.

According to the Department of Energy’s latest oil price monitoring report, Asian gas oil and diesel market remained saddled with supplies while demand continued at a slow pace.

“Platts disclosed that refiners in India and Taiwan were heard to be holding high inventories in tank, as they tried to find buyers. These further add up to commercial onshore stockpiles of middle distillates in Singapore that climbed nearly 14 percent from the previous week to stand at 11.598 million barrels in the week ended Sept. 17. Said higher stockpiles were due to higher imports of diesel,” the DOE said in its report.

Prices of gasoline now range from P47.95 to P54.70 per liter and diesel at P39.03 to P42.70 per liter.