Danessa Rivera (The Philippine Star)
- June 3, 2018 - 12:00am
MANILA, Philippines — Oil companies
will reduce pump prices today after prices edged lower in the international
market.
Most oil firms are rolling back
gasoline by P1.20 per liter, diesel by P.90 and kerosene by P1 per liter.
Petron Corp., PTT Philippines Corp.
and Total Philippines Corp. start the price adjustments at 6 a.m.
“These reflect movements in the international
oil market,” Petron said in an advisory.
Meanwhile, Flying V, Pilipinas Shell
Petroleum Corp., Seaoil Philippines Inc. and UniOil Petroleum Philippines Inc.
have yet to announce price changes.
Phoenix Petroleum Philippines Inc.
implemented higher price cuts ahead of other players.
It rolled back the price of gasoline
by P1.40 per liter and diesel by P1 effective 6 p.m. on Friday, “to afford
motorists a longer period to avail themselves of cheaper fuel.”
Reuters reported Brent crude settled
at the $76-level per barrel last week on possible boost of crude supply from
Organization of the Petroleum Exporting Countries (OPEC).
Meanwhile, the Department of Energy
(DOE) is looking to establish a strategic oil reserve for the country as part
of efforts to shield consumers from volatile international oil prices and
ensure supply security.
Earlier, the DOE announced that it
ordered its attached agency Philippine National Oil Co.-Exploration Corp.
(PNOC-EC) to sell petroleum products sourced from non-OPEC members to
independent petroleum dealers and vulnerable sectors like public utility
transport groups.
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