MANILA, Philippines - Oil firms announced yesterday they would slash diesel prices effective today.
In separate advisories issued yesterday, local petroleum players said prices of diesel products would be reduced by 50 centavos a liter.
Among the companies that would implement the rollback are Petron Corp., Pilpinas Shell Petroleum Corp., Caltex brand owner Chevron, Seaoil Philippines, PTT Philippines and Eastern Petroleum Corp.
Kerosene price will likewise go down by 75 centavos per liter, the firms said, while no movement will be made on prices of gasoline.
Petron said the price cut “reflects movements in the international oil market.”
“This is to reflect the global weakening of petroleum products despite the onset of winter in North America and Europe due to ample supply,” Eastern Petroleum president Fernando Martinez added.