OIL prices continued its downward trend falling by as much as P0.65 per liter starting Tuesday to reflect the ongoing oversupply and doubts over a production freeze by the Organization of Petroleum Exporting Countries.
The oil firms cut the price gasoline and diesel by P0.65 per liter and kerosene by P0.55 per liter “to reflect the movements in the international petroleum market.”
However, total year-to-date adjustments are still at a net increase of P4.03 per liter in gasoline and P5.98 per liter in diesel.
Diesel sells from P25.75 to P29.32 while gasoline sells from P35.40 to P43.90 per liter. Prices vary depending on the brand, location and other market forces.
Among the oil firms that issued price advisories includes Seaoil Philippines, PTT Philippines, Phoenix Petroleum, Pilipinas Shell Petroleum Corp., Unioil Philippines, Flying V and Eastern Petroleum. Other companies are expected to follow suit.