The country’s oil firms cut the price of petroleum products by as much as P0.70 per liter starting Monday night to reflect the movement of world oil prices.
Petron Corp., Pilipinas Shell Petroleum, Eastern Petroleum and Phoenix Petroleum Corp. issued their respective advisories of the price cut.
The oil firms cut the price of kerosene by P0.70 per liter and diesel by P0.50 per liter. There was no price movement for gasoline, said Fernando Martinez, Eastern Petroleum chairman and chief executive officer, said the continuous downward trend in world oil price has prompted oil companies to adjust pump prices accordingly.
“Analysts expect the ongoing oversupply would push prices to fall further, and that the effective removal of the OPEC (Organization of Petroleum Exporting Countries) quota would leave the market in a more vulnerable position,” Martinez said. Alena Flores
Last November 30, the oil firms raised by the price of gasoline by P0.45 per liter, diesel by P0.20 per liter and kerosene by P0.10 per liter.