(The Philippine Star) | Updated January 17, 2017 - 12:00am
MANILA, Philippines -
Oil companies are rolling back prices of petroleum products today, tracking the
downtrend in global markets over doubts on whether oil producers will cut back
on supply as agreed.
The rollback for diesel
came after seven consecutive weeks of price hikes. For kerosene, it is the
second successive week.
Pilipinas Shell
Petroleum Corp. reduced gasoline prices by P0.20 per liter, diesel prices by
P0.35 per liter and kerosene by P0.40 per liter at 6 a.m.
Flying V said it would
implement the same price adjustments starting at 12:01 a.m.
Gasoline prices for
Petron were reduced by P0.30 per liter and diesel by P0.35 per liter starting 6
a.m.
In separate advisories,
Eastern Petroleum Corp., Phoenix Petroleum Philippines and PTT Philippines said
gasoline prices will be reduced by P0.20 per liter and diesel prices lowered by
P0.35 per liter effective 6 a.m.
UniOil Petroleum
Philippines also implemented a P0.30 per liter reduction on EuroGasoline
products and a P0.35-per liter decrease on EuroDiesel starting 6:01 a.m.
SeaOil Philippines has
yet to make an announcement but is expected to implement similar price
adjustments.
A Reuters report said
global oil prices ended the last trading week three percent lower owing to
doubts on whether the Organization of Petroleum Exporting Countries (OPEC) and
other producers would follow the agreement to cut oil production starting this
year.
Among big oil
producers, only top crude exporter Saudi Arabia reported a reduction in output
two weeks into 2017 while Libya increased its production by around 50,000
barrels per day.
A drop in the overall
exports of China, which is the world’s second largest oil consumer, also helped
drag oil prices down.
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