Oil companies reduce gas prices

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AFTER three consecutive weeks of oil-price increases, oil firms on Monday announced a price cut of petroleum products starting on Tuesday.

In separate advisories, they said they will decrease the prices of diesel by P0.90 per liter, gasoline by P0.55 per liter and kerosene by P0.90 per liter.

Pilipinas Shell, Phoenix Petroleum and Eastern Petroleum will implement the price adjustment at 6 a.m. on Tuesday, June 6. Seaoil Philippines and Flying V will adjust their pump prices effective12:01 a.m. on June 6.

“This is to reflect movements in the international petroleum market,” they said.

Other oil firms are expected to follow suit. They usually announce their respective price adjustments late at night.

On May 30 oil firms increased the prices of diesel by P0.75 per liter, gasoline by P0.55 per liter and kerosene by P0.85 per liter.

On May 23 they also raised gasoline prices by P0.65 per liter, diesel by P0.60 per liter and kerosene by P0.70 per liter.

Gasoline prices went up on May 16 by P0.30 per liter.

The upward price adjustments for the past three weeks were brought about by movements in the international petroleum market, particularly the cut in production output by oil-exporting countries.

Local oil firms adjust their pump prices on a weekly basis to reflect the true cost of oil products.