MANILA, Philippines – Several oil companies are set to reduce pump process on Monday evening and Tuesday morning.
Due to the price movement in the global market, the oil retailers are prompted to rollback pump prices.
Eastern Petroleum Corp. will be the first to implement price reduction at 6 p.m., Monday. It will cut the diesel prices by P1.50 per liter and gasoline prices by P1.10 per liter.
Flying V, on the other hand, will apply the price changes by 12:01 a.m. of Tuesday. It will slash its biodiesel prices by P1.45 per liter, gasoline prices by P1 per liter and kerosene by P1.25 per liter.
Four more oil firms, namely Pilipinas Shell Corp., PTT Philippines Corp., Seaoil Philippines Inc. and Phoenix Petroleum Philippines, will decrease its pump prices at around 6 a.m. on Tuesday. All four oil companies will cut its diesel prices by P1.45 per liter and its gasoline prices lowered by P1 per liter.
Shell will also roll back its kerosene prices by P1.25 per liter.
Eastern Petroleum Chief Executive Officer Fernando Martinez said the petroleum prices and commodities will further lower due to the lifting of sanctions in Iran.
The Department of Energy’s oil monitor said diesel prices range from P19.28 to 23.10 per liter with common price of P20.50 per liter while the gasoline prices play between P33.40 to 40.65 with a common price of P38.10 per liter.