Oil Firms To Implement Price Rollback Tuesday

Pilipinas Shell Petroleum Corp. (PSPC) and PTT Philippines Corp. will slash pump prices Tuesday.

In an advisory, the two oil firms said it will cut gas prices by PHP1.40 per liter and diesel prices by 70 centavos per liter.

Both companies will implement the price slash at 6:00 a.m., February 16.

Shell will also reduce kerosene prices by 90 centavos per liter.

Other oil firms are expected to announce similar cuts for pump prices later.

According to the Department of Energy’s (DOE) Oil Monitor as of Feb. 9, diesel prices range from PHP18.85-22.20 per liter in Metro Manila, with a common price of PHP21.55 per liter.

Gasoline, on the other hand, has a price range of PHP 31.30-39.10 per liter. It has a common price of PHP36.25 per liter.

For the year, diesel had a net decrease of PHP1.20 per liter and gasoline 45 centavos per liter.

Last week, the markets also shown positive reaction from a statement from the energy minister of the United Arab Emirates, baring the Organization of Petroleum Exporting Countries (OPEC) is prepared to cooperate with other exporters for production cuts.

The oil prices bounced from its 13-year low, still due to the oil glut in the world market. (PNA) BNB/JLD