5 oil firms announce price cuts, increases

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Five major oil companies on Monday announced price rollbacks and price hikes to be implemented on Tuesday.

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In separate text advisories, Pilipinas Shell and Petron Philippines said they would slash the price of gasoline products by P.45 per liter and kerosene by P.10 per liter.

They, however, would raise the price of diesel also by P.10 per liter.

Phoenix Petroleum Philippines said it would also lower the price of gasoline products by P.45 per liter but increase the price of diesel by P.10 per liter. It does not sell kerosene.

The movements for Shell and Petron would take effect shortly after midnight of Tuesday and for Phoenix by 6 a.m. of the same day.

Its price hike and price slash, according to Phoenix Petroleum, is to “reflect the movements in the prices of refined petroleum products in the international market.”

In the first week of March, oil companies cut the prices of diesel and kerosene products by P0.30 per liter.

Eastern Petroleum Corp. and PTT Philippines also announced price adjustments on their fuel products effective 12:01 a.m. of Tuesday.

In an advisory, Eastern Petroleum said the price of its gasoline products will be reduced by P0.50 per liter.

It, however, added that it will not adjust the price of its diesel.

PTT Philippines said a P0.45 per liter cut in the price of its gasoline products will also be implemented effective Tuesday.

It, however, added that the price of its diesel will go up by P0.10 per liter on the same day.

The two oil companies cited adjustments in the international petroleum market for the price increases.

WITH REPORT FROM PNA

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