Danessa Rivera (The Philippine Star)
- June 26, 2018 - 12:00am
MANILA, Philippines — Oil firms implemented
today hefty price reductions on petroleum products after major oil producing
countries announced the plan to gradually increase supply.
Gasoline prices were reduced by
P1.15 per liter, diesel by 90 centavos per liter and kerosene by 85 centavos
per liter.
In its advisory, Seaoil Philippines
Inc. said it implemented its price cuts starting 12:01 a.m. today to reflect
movements in the international petroleum market.
During last week’s trading,
international oil prices fell ahead of the Organization of Petroleum Exporting
Countries (OPEC) meeting in Vienna last Friday.
In a report by Reuters, Russia
proposed the increase in oil production by the OPEC+ deal members by 1.5
million barrels per day.
Caltex, Eastern Petroleum, Pilipinas
Shell Petroleum Corp., Phoenix Petroleum Philippines Inc., PTT Philippines
Corp. and Total Philippines Corp. implemented their respective price
adjustments at 6 a.m.
Meanwhile, Uni-Oil Petroleum
Philippines Inc. said the decrease in its prices started at 6:01 a.m.
On the other hand, Flying V and
Petron Corp. have yet to announce their respective price changes as of press
time.
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