Petron, Shell, Phoenix Petroleum cut pump prices

MANILA, Philippines - Petron Corp., the country’s largest oil refiner and retailer, has implemented a big-time rollback on fuel prices effective today.

In a text advisory, Petron said it implemented the following price cuts at midnight: P1.45 per liter for Blaze 100, XCS, Xtra Advance, and Super Xtra; P0.70 per liter for Turbo Diesel and DieselMax and P0.90 per liter for kerosene.

Pilipinas Shell and Phoenix Petroleum also implemented a similar rollback in their gasoline products.

Petron said the latest price reduction reflects movements in the international oil market.

This is the 10th consecutive time Petron has lowered gasoline prices and the second straight time for diesel and kerosene prices.

Other oil firms have yet to announce their respective price adjustments.

Earlier this week, most oil firms reduced pump prices by P1.10 per liter for gasoline, P0.25 per liter for kerosene and P0.40 per liter for diesel.

Oil monitoring done by the Department of Energy (DOE) showed diesel prices ranged from P23.80 to P27.47 per liter and gasoline prices from P36.85 to P42.45 per liter for the week.

The DOE data further showed year-to-date total adjustments are now at net increase of P0.36 per liter for gasoline and net decrease of P3.89 per liter for diesel.