Oil firms cut pump prices

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OIL companies yesterday lowered the cost of petroleum products.

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Independent player Eastern Petroleum Corp. reduced the price of its gasoline by 55 centavos per liter and diesel products by 65 centavos per liter at 6 p.m.

Pilipinas Shell and Petron Corp. are set to follow suit.

The two oil firms will reduce gasoline prices by 55 centavos per liter and diesel products by 60 centavos per liter.

They will also lower kerosene prices by 85 centavos per liter.

Petron’s price adjustment will take effect at 12:01 a.m. Tuesday while that of Shell will be at 6 a.m. on Tuesday.

Fernando L. Martinez, Eastern Petroleum Chairman and Chief Executive, said the latest price adjustments reflect the downward trend in world oil prices at the close of last week’s trading.

“Some analysts forecast the re-entry of Iranian crude to the market could push fuel prices to continue its downward trend for the rest of the year amid the price increases noted these days. Some are also expecting the oil price recovery to proceed at a measured pace along with a supply glut in petroleum products continuing through the first half of 2016,” Martinez said.

Last week, oil companies increased diesel prices by 65 centavos per liter; 10 centavos per liter for gasoline and 70 centavos per liter for kerosene.

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