New round of oil price cuts set this week
LOCAL oil companies announced on Monday their second consecutive week of fuel price rollback, which will take effect on Tuesday.
In separate advisories, major oil firms Petron Corporation and Pilipinas Shell, along with independent oil companies Seaoil Philippines and Flying V, bared that they would reduce their respective pump prices by uniform amounts, specifically P1.30 per liter on diesel products, P0.85 centavos per liter on gasoline and P1.90 per liter on kerosene.
The price adjustments will take effect at 6:00 a.m. Tuesday, while Chevron Philippines, another major oil firm that also announced cutbacks of its respective fuel prices by the same level, will implement its price adjustment much earlier at 12:01 a.m. Tuesday.
Thai-led PTT Philippines, Unioil Philippines, Petro Gazz, Total Philippines, and Eastern Petroleum, which do not sell kerosene, also announced on Monday the same price cut of their diesel and gasoline products effective at 6 a.m. while Clean Fuel at 12:01 a.m. also on Tuesday.
PTT Communication Officer Jay Julian said the drop in demand for oil in the world market caused domestic pump prices to move downward.
