Oil Firms Cut Pump Prices by at least 65 Centavos per Liter

(PNA) — Oil firms cut pump prices of petroleum products by 65 centavos per liter on Tuesday.

Pilipinas Shell Petroleum Corp. (PSPC), PTT Philippines, Seaoil Philippines Inc. (SPI), Petron Corp., Phoenix Petroleum Philippines and Chevron Philippines Inc. (CPI) said reduced diesel prices by 65 centavos per liter, which had a prevailing price of Php 29.80 per liter based on the Department of Energy’s (DOE’s) oil monitor.

The six oil companies had also reduced gasoline prices by 70 centavos per liter from its prevailing rate of Php 46.95 per liter.

Shell, Seaoil, Petron and Chevron, on the other hand, will cut kerosene prices by 65 centavos per liter.

PTT Philippines and Phoenix Petroleum will enforce the prices at 6 a.m. on July 7, while the other four oil companies by 12:01 a.m.

Last week, DOE Undersecretary Zenaida Monsada revealed there would be a rollback on Tuesday, due to the continuing oversupply and the uncertainty on the Greek referendum for another Euro bailout that has widely affected markets. (PNA) RMA/JLD