THE country’s oil firms reduced pump prices by as much as P1.45 per liter starting 6 p.m. Monday to reflect the movement in world oil prices.
Petron Corp., Pilipinas Shell Petroleum Corp., Seaoil Philippines, Phoenix Petroleum, Unioil Philippines and Eastern Petroleum issued separate advisories of the price cut while other oil firms are expected to make their own announcements later.
Eastern Petroleum cut prices starting 6 p.m. Monday while other oil firms cut pump prices starting 12:01 a.m. Tuesday followed by other oil firms at 6 a.m. Tuesday.
The price of diesel went down by P1.45 per liter, kerosene by P1.45 per liter and gasoline by P0.60 per liter.
Fernando Martinez, Eastern Petroleum chairman and chief executiveattributed the latest price cut in domestic pump prices to the continuous downward trend of prices in the world oil market.
“Analysts are expecting the price war to continue up to the end of next year, as Saudi Arabia would not be able to reduce output while Iran continues to increase its production,” Martinez said.
Phoenix Petroleum, for its part, said will decrease the prices of diesel by P1.45 per liter and gasoline by P0.60 per liter effective 6 a.m. Tuesday “to reflect the continued decrease in the prices of petroleum products in the world market.”
The oil firms also lowered pump prices by P0.70 per liter for kerosene and P0.50 per liter for diesel last Dec. 8.
The Philippines imports bulk of its fuel requirements and is merely a “price taker” in the global oil market.