(The Philippine Star) | Updated June 6, 2017 - 12:00am
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MANILA, Philippines -
After successive weeks of price hikes, oil firms are bringing pump prices down
today as global oil prices settled at around $50 per barrel.
The reductions came
after three consecutive weeks of gasoline price increases and two straight
weeks for diesel and kerosene.
In a text advisory,
Pilipinas Shell Petroleum Corp. said its price change would take effect at 6
a.m. today – reducing gasoline prices by P0.55 per liter and prices of kerosene
and diesel by P0.90 per liter.
SeaOil Philippines Inc.
also made the same adjustments across fuel products starting at 12:01 a.m.
“This is to reflect movements in the international petroleum market,” it said.
In a separate advisory,
Flying V said it implemented the same price reductions also at 12:01 a.m.
Meanwhile, Eastern
Petroleum Corp., Phoenix Petroleum Philippines Inc. and PTT Philippines Corp.
lowered gasoline prices by P0.55 per liter and diesel by P0.90 per liter at 6
a.m.
Petron Corp., Total
Philippines Corp. and UniOil Petroleum Philippines Inc. have yet to announce
their respective price cuts.
Reuters reported global
oil prices dipped to a three-week low in last week’s trading over concerns of
continued oversupply.
Melita Obillo,
Department of Energy oil industry management bureau director, said in a text
message that this stemmed from the high US shale production and the increase in
production of Libya and Nigeria, which are exempted from the production freeze.
Last month, the
Organization of the Petroleum Exporting Countries and non-OPEC countries agreed
to extend the production cut until March 2018. The OPEC and non-OPEC nations
struck a deal last November to limit production in an aim to prop up global
prices.
Obillo said the
international market also ignored data of a significant drawdown in crude
released by the International Energy Agency.
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