Danessa Rivera (The Philippine Star)
- May 8, 2018 - 12:00am
MANILA, Philippines — After three
straight weeks of oil price hikes, oil companies will implement a rollback
today.
Oil firms will reduce gasoline and
diesel prices by P0.30 per liter and kerosene by P0.60 per liter.
Eastern Petroleum, Flying V, Petron
Corp., Pilipinas Shell Petroleum Corp., Phoenix Petroleum Philippines Inc. and
PTT Philippines Corp. will implement their respective price adjustments
starting at 6 a.m.
In an advisory, Seaoil Philippines
Inc. said they would roll back pump prices ahead of other oil players at 12:01
a.m.
Total Philippines Corp. and UniOil
Petroleum Philippines Inc. have yet to announce their price adjustments.
Global oil prices fluctuated during
last week’s trading, shooting up to its highest since November 2014 and falling
one percent at one point.
Reuters reported that global
supplies remained tight and rising tension on possible US sanctions against
Iran were the main reasons for the increase in international oil prices.
But the stronger dollar pulled down
oil prices and the rise in US crude inventories as well as record weekly US
production countered efforts to cut production and prop up prices, Reuters
said.
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