Oil Firms Rollback Gas Prices by P0.65/Ltr, Diesel at P0.15

Manila (PNA) –Seven oil firms reduce pump prices of gasoline by 65 centavos per liter and by 15 centavos on every liter of diesel effective Tuesday.

Pilipinas Shell Petroleum Corp. (PSPC), Seaoil Philippines Inc. (SPI), Petron Corp., PTT Philippines, and Chevron Philippines Inc. (CPI) will implement the price cut at 12:01 a.m. Tuesday while Phoenix Petroleum and Total Philippines by 6 a.m., also on Tuesday.

PSPC, SPI, CPI and Petron will also rollback their kerosene prices by 20 centavos per liter.

Phoenix and Seaoil said the reduction was caused by movement in the prices of refined petroleum products in the world market.

Department of Energy (DOE) Undersecretary Zenaida Monsada said that two global events would likely affect oil prices to continue falling or to increase.

She said that a deal between the United States and Iran regarding its use of nuclear power plants, will likely add to the global glut, which may further plunge oil prices. Iran has a lot of oil reserves in its country.

Monsada added that the chaos in Yemen might also affect an increase in oil prices.

As of March 31, the DOE’s oil monitor for Metro Manila said that diesel was sold per liter from Php 26.30-32.50 and has a common price in service stations at Php 29.05.

Prices of gasoline, on the other hand, ranged from Php 38.37 to Php 43.92 per liter. It has a common price of Php 42.45 in most gas stations.

For this year, the DOE said gasoline prices per liter had increased by Php 1.37, while diesel per liter fell by 82 centavos. (PNA) RMA/JLD/EDS