Oil firms cut gas prices

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Nine oil companies will reduce gasoline prices by 90 centavos per liter on Tuesday, July 12.

Petron, Caltex, Seaoil, Flying V, and Eastern Petroleum will implement the price adjustments at 12:01 a.m. Pilipinas Shell Petroleum Corp., Phoenix Petroleum, PTT Philippines and Total will adjust their rates at 6 a.m.

Based on recent Department of Energy (DOE) data, as of July 5, 2016, most of the oil companies implemented a price rollback of 60 centavos per liter for gasoline and 20 centavos per liter for kerosene. There was no movement in the price of diesel.

The price of LPG also fell by P2.40 per kilogram (kg) effective July 1, 2016 due to the US$49 per metric ton (MT) decrease in the liquefied petroleum gas (LPG) contract price this month to US$305 per MT.


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