Oil firms cut fuel prices

MANILA, Philippines - Oil companies have implemented price cuts on fuel products for the second straight week on the back of a downward adjustment in the global oil market.

Petron Corp., the country’s largest oil refiner, implemented a price cut on all fuel products past midnight today.

It rolled back gasoline prices by P1 per liter, diesel prices by P0.35 per liter and kerosene by P0.40 per liter “to reflect movements in the international oil market,” Petron said in an advisory.

Meanwhile, Phoenix Petroleum Philippines Corp. and PTT Philippines implemented a price reduction on diesel and gasoline products, which took effect 6 a.m. Tuesday.

“The reduction is due to the continued decline in the prices of refined petroleum products in the international market,” Phoenix Petroleum said.

Ahead of other oil firms, Eastern Petroleum Corp. slashed the price of gasoline and diesel products by P1.00 and P0.40 per liter at 6 p.m. yesterday.

The latest price adjustment reflects the downward trend in world oil prices at the close of last week’s trading owing to oversupply against slow demand outlook, Eastern Petroleum chairman and CEO Fernando   Martinez said.

 “Analysts expect a sharp slowdown in global oil demand in the fourth quarter of the year, which marks the slowest pace of growth in five quarters, while they also expect investments [in the petroleum sector] to likely drop further next year,” he said.