Oil firms to cut prices

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Pilipinas Shell, Petron, PTT Philippines, SeaOil, Phoenix and Eastern Petroleum have announced that they will roll back prices of their petroleum products.

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On Monday, Shell said it will reduce the prices of gasoline by 70 centavos per liter (last week’s price was P0.15 centavos per liter), diesel by 50 centavos per liter (last week’s price was 60 centavos per liter) and kerosene by 55 centavos per liter (last week’s price was 40 centavos per liter) effective 6 a.m. on Tuesday.

Petron and Flying V will cut gasoline prices by 70 centavos per liter, diesel by 50 centavos per liter and kerosene by 55 centavos per liter effective 12:01 a.m. also on Tuesday.

SeaOil will adjust its pump prices also effective 12:01 a.m. on Tuesday: Gasoline by 70 centavos per liter, diesel by 50 centavos per liter and kerosene by 55 centavos per liter.

PTT Philippines will roll back its gasoline prices by 70 centavos per liter and diesel by 50 centavos per liter effective at 6 a.m. also on Tuesday.

Phoenix Petroleum will reduce diesel prices by 50 centavos per liter and gasoline prices by 70 centavos per liter effective 6 a.m. also on Tuesday.

Eastern Petroleum will slash the prices of diesel and gasoline by 50 centavos per liter and 70 centavos per liter, respectively, on Tuesday.

OPEC and non-OPEC nations will meet in Doha on April 17th to discuss a proposed oil freeze arrangement in order to stabilize the oil market.

First proposed in mid-February, possibility of a coordinated, simultaneous freeze on production levels has excited the market, sending crude oil up more than 30 percent since the announcement.

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