Oil companies are reducing their prices again – effective from 6 a.m. on Tuesday, April 12 – after last week’s rollback.
Pilipinas Shell, Petron, PTT Philippines, SeaOil, Phoenix, and Eastern Petroleum all announced new price cuts for their petroleum products.
Shell said Monday it will lower its gasoline prices by P0.70 per liter, after last week’s P0.15 per liter reduction, diesel by P0.50 per liter, compared with the previous P0.60, and kerosene by P0.55 per liter, against P0.40 earlier.
Petron and Flying V will implement the following price cuts, with effect from 12:01 a.m., also on April 12: gasoline by P0.70 per liter, diesel by P0.50 and kerosene by P0.55.
SeaOil will adjust its pump prices per liter starting from 12:01 a.m: gasoline by P0.70; diesel, P0.50; and kerosene, P0.55.
For its part, the PTT Philippines will roll back from 6 a.m. the pump prices of its gasoline by P0.70 per liter and of diesel by P0.50 per liter. Phoenix Petroleum is set to reduce diesel prices by P0.50 per liter and gasoline prices by P0.70 per liter, also at 6 a.m., Tuesday.
Eastern Petroleum, on the other hand, will slash the prices of diesel and gasoline by P0.50 per liter and P0.70 per liter, respectively, on Tuesday.
OPEC and non-OPEC nations will meet in Doha next Sunday, April 17, to discuss the proposed oil freeze arrangement in order to stabilize the oil market.
First proposed in mid-February, the possibility of a coordinated, simultaneous freeze on production levels has excited the market, sending crude oil up more than 30 percent since the announcement. Voltaire Palaña