by BusinessMirror - July 18, 2016
OIL firms will again
implement a price cut on petroleum products, reflecting movements in the
international oil market.
Pilipinas Shell would implement the
P0.55 per liter price rollback for gasoline and P0.75 per liter for diesel. The
price of kerosene will also go down by P0.75 per liter. Shell is implementing
its price adjustment at 6 a.m.
Phoenix Petroleum will decrease the
price of gasoline and diesel by the same amount, also effective at 6
a.m.
Eastern Petroleum Corp. said it
would implement the same price reduction for gasoline and diesel products
at 12:01 a.m. today, July 19.
Other oil firms are expected to
follow suit. This is the third price rollback for gasoline and the second for
diesel products this month.
On July 12 some oil companies
implemented a price rollback in gasoline by P0.80 per liter. Other oil firms
implemented a price cut of P0.90 per liter. There was no movement in the prices
of diesel and kerosene. The week before that, gasoline prices went down by
P0.60 per liter.
Oil firms adjust their prices on a
weekly basis to reflect prices of imported oil products that arrive in the
country. It takes a week for the oil companies to bring their products to the
market from the time they import the products.
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