Danessa Rivera (The Philippine Star)
- July 23, 2018 - 12:00am
MANILA, Philippines — Some oil
players have implemented price cuts across fuel products earlier than usual as
global prices dip due to oversupply worries.
Gasoline prices were rolled back by
P0.70 per liter, diesel prices by P1.00 per liter and kerosene by P1.25 per
liter.
The price reductions came after
three consecutive weeks of increases in gasoline and diesel prices.
Pilipinas Shell Petroleum Corp. said
it will implement price cuts effective 6 a.m. today.
Seaoil Philippines Inc. said it will
reduce pump prices starting 12:01 a.m. today.
Caltex, Eastern Petroleum, Flying V,
Petron Corp., Phoenix Petroleum Philippines Inc., PTT Philippines Corp., Total
Philippines Corp. and UniOil Petroleum have yet to announce their respective
price changes.
Last week, global crude prices fell
on growing concerns of oversupply after Saudi Arabia projected exports would
fall in August as it limits excess production, Reuters reported.
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