Oil firms implement holiday price cuts anew

MANILA, Philippines – Motorists are in for more savings on fuel this holiday season as oil companies reduce anew pump prices before the New Year.

Ahead of other oil firms, Eastern Petroleum Corp. reduced the price of gasoline by 60 centavos per liter and diesel by 20 centavos per liter at 6 p.m. yesterday.

Eastern Petroleum chairman and CEO Fernando Martinez said the latest price adjustment reflects the continuous downward trend of oil prices in the world market. 

“At the rate world oil prices have been behaving, even analysts admit that no one could accurately and consistently forecast the price of oil more than a few months ahead, let alone for years or decades in the future,” he said.

Petron Corp. and Seaoil Philippines implemented their respective price cuts past 12 a.m. today.

Petron and Seaoil will implement the following price rollbacks: 60 centavos per liter for gasoline brands, 20 centavos per liter for diesel and 40 centavos per liter for kerosene.

Pilipinas Shell Petroleum Corp.’s price adjustment took effect 6 a.m. today.

Shell will lower gasoline rates by 60 centavos per liter, diesel by 20 centavos per liter and kerosene by 40 centavos per liter.

Meanwhile, Phoenix Petroleum Philippines will implement a similar price adjustment on diesel and gasoline products “to reflect price movements of petroleum products in the world market.”

Prior to price adjustments this week, the price of diesel products ranged from P20.75 to P24.15 per liter while gasoline prices were P33.80 to P41.25 per liter, data from the Department of Energy (DOE) showed.

Based on DOE oil monitoring, year-to-date adjustments for both products totaled a net decrease in diesel and gasoline by P6.94 per liter and 20 centavos per liter, respectively.

The Department of Labor and Employment (DOLE) yesterday ruled out speculations that the continued decline in oil prices in the world market would displace Filipino workers in oil-rich Saudi Arabia.   – With Mayen Jaymalin