Oil firms roll back prices
MANILA, Philippines – Oil firms announced anew price reductions for diesel, gasoline, and kerosene products.
Eastern Petroleum Corporation said on Monday, November 23 that prices of its diesel and gasoline products will be slashed by P0.50 and P0.80 per liter, respectively, effective 6 pm on Monday.
Both Petron and Seaoil will cut their gasoline prices by P0.75 per liter, diesel by P0.50 per liter, and kerosene by P0.80 per liter. All these price reductions will take effect Tuesday, November 24 at 12:01 am.
Pilipinas Shell, meanwhile, will reduce the price of gasoline by P0.65 per liter, diesel by P0.45 per liter, and kerosene by P0.80 per liter, effective 6 am on Tuesday.
Total Philippines Corporation also announced price rollbacks effective 6 am, Tuesday. Total will reduce its price for gasoline by P0.75 per liter and diesel by P0.50 per liter.
Eastern Petroleum chairman and CEO Fernando L. Martinez said the latest price adjustments reflect the continuous downward trend in world oil prices.
“While analysts around the world are expecting the supply surplus to continue through next year and up until the first half of 2017, still no one can tell or project how long this downward trend will continue,” he added. – Rappler.com