(The Philippine Star) | Updated June 6, 2017 - 12:00am
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.