Oil firms cut pump prices

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

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In separate advisories, Pilipinas Shell, Seaoil, Eastern Petroleum and Phoenix Petroleum
Philippines will reduce diesel prices by 50 centavos per liter.

They will also slash gasoline prices by 20 centavos per liter.

Eastern Petroleum’s gas rollback is 25 centavos per liter.

Pilipinas Shell and Seaoil will also lower kerosene prices by 20 centavos per liter.
The oil price reduction will take effect between 12:01 a.m. and 6 a.m.

Eastern Petroleum implemented the roll back at 6 p.m. on Monday.

Fernando Martinez, Eastern Petroleum chairman and CEO, on Monday said recent settlement in the Iranian nuclear deal and oversupply of petroleum products in the global oil market continue to affect world oil prices.

“Although local pump prices have been cut anew as world oil prices have edged lower last week, the pricing for diesel for the months of August and September appears to be on the upswing,” he added.

Last week, oil firms slashed diesel prices by P1.50 per liter, kerosene by P1.60 per liter and gasoline by 55 centavos per liter.

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