Danessa Rivera (The Philippine Star)
- June 4, 2019 - 12:00am
MANILA, Philippines — More oil
companies announced hefty fuel price cuts starting today.
In separate advisories, most oil
companies announced that gasoline prices would be decreased by P1.70 per liter,
diesel by P1 per liter and kerosene by P1.05 per liter.
Caltex Philippines and Seaoil
Philippines said their price rollback took effect at 12:01 a.m.
Eastern Petroleum, Pilipinas Shell
Petroleum Corp., PTT Philippines and Total said their price adjustments were
effective at 6 a.m.
Phoenix Petroleum Philippines and
Petro Gazz implemented higher price reductions on gasoline prices at P1.75 per
liter.
Phoenix Petroleum had rolled back
pump prices last Saturday while Petro Gazz reduced prices at 6 a.m. today.
During the last trading week, Brent
crude remained below $70 per barrel due to the ongoing trade war between the US
and China.
News of a weakening Chinese economy
and the possible retaliation of China against the US in a trade war weighed
down global oil prices, Reuters reported.
This is the second consecutive week
that oil companies are rolling back fuel prices.
Last week, oil companies slashed
gasoline prices by P0.35 per liter, diesel by P0.45 per liter and kerosene by
P0.60 per liter.
Before this week’s price cuts,
year-to-date adjustments stood at a net increase of P7.20 per liter for
gasoline, P5.75 per liter for diesel and P4 per liter for kerosene, based on
data from the Department of Energy.
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