Danessa Rivera (The Philippine Star)
- May 28, 2019 - 12:00am
MANILA, Philippines — More oil companies
announced pump price cuts effective today, as global crude prices plummeted
during the previous trading week.
In separate advisories, oil
companies announced gasoline prices would be decreased by 35 centavos per
liter, diesel by 45 centavos per liter and kerosene by 60 centavos per liter.
Caltex Philippines said its price
rollback took effect 12:01 a.m.
Meanwhile, Eastern Petroleum, Pilipinas
Shell Petroleum Corp., Petro Gazz, Seaoil Philippines, PTT Philippines and
Total said their price adjustments were effective 6 a.m.
On the other hand, Phoenix Petroleum
Philippines implemented the price cuts on Sunday.
Last week, global oil prices started
strong after Saudi Energy Minister Khalid al-Falih indicated continued
production cuts by Organization of the Petroleum Exporting Countries and its
allies.
However, prices plunged by five
percent last Thursday as concerns over trade tensions dampened the demand
outlook, Reuters reported.
Last week, oil companies increased
gasoline prices by 90 centavos per liter, diesel by 80 centavos per liter and
kerosene by 75 centavos per liter.
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