Oil prices down

MANILA, Philippines - Motorists will see lower diesel and kerosene prices as petroleum companies implement  price cuts on these fuel products today.

Pilipinas Shell Petroleum Corp., the local subsidiary of energy giant Royal Dutch Shell, implemented the price adjustment 6 a.m. today.

“Gas: no change; Kero: -0.70/L; Diesel: -0.50/L,” the firm said in a text advisory.

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

Diesel prices were rolled back by P0.50 per liter and kerosene prices by P0.70 per liter “to reflect movements in the international oil market,” Petron said in an advisory.

Seaoil Philippines Inc. also implemented similar price adjustments on diesel and kerosene products at 6 a.m. today.

Ahead of other oil firms, Eastern Petroleum Corp. slashed the price of diesel by P0.50 per liter, respectively, at 6 p.m. yesterday.

The continuous downward trend in world oil price has prompted oil companies to adjust pump prices accordingly, Eastern Petroleum chairman and CEO Fernando Martinez said in a statement.