Oil companies cut prices

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OIL companies are set to roll back prices of petroleum products on Tuesday.

In separate advisories, Shell Philippines, Eastern Petroleum Corp., PTT Philippines and Phoenix Petroleum Philippines said they will lower diesel prices by 15 centavos per liter.

Shell will also reduce kerosene prices by 25 centavos per liter.

Oil firms, however, will hike gasoline prices by 10 centavos per liter.


The new price adjustment, the first for this year, is expected to take effect at 6 a.m. on Tuesday.

Fernando Martinez, Eastern Petroleum chairman and Chief Executive Officer, attributed the price adjustment to the continuous downward trend of prices in the world oil market.

“Analysts also point out that oil companies around the world are again being forced to cut spending, sell assets, shed jobs and delay projects as the oil slump shows no sign of recovery,” Martinez said.

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