Oil firms cut pump prices of gasoline, diesel by Tuesday

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MANILA  – Five oil firms will cut pump prices of gasoline by 60 centavos per liter and diesel by 50 centavos per liter effective Tuesday.

Pilipinas Shell Petroleum Corp. (PSPC), Seaoil Philippines, Inc. (SPI), Petron Corp. and PTT Philippines will implement price cut at 12:01 a.m. on June 2, while Phoenix Petroleum Philippines at 6 a.m.

Shell, Seaoil and Petron will also rollback kerosene prices by 60 centavos per liter.

According to the Department of Energy’s (DOE) oil monitor, the current prevailing price of diesel per liter around Metro Manila is Php 31.40, while gasoline per liter costs Php 46.05.

However, other service stations could offer diesel prices from Php 29.35 to 32.70 per liter, with gasoline also playing between Php 41.85 to 47.20.

Petron, Seaoil and Phoenix noted the price adjustments reflect price movements in the international markets.

Last week, the U.S. Energy Information Administration (EIA) reported the U.S. has burned 10 million barrels of oil storage within a month, stressing the supply glut is easing despite on a slow rate.

It further said the crude output of the U.S. increased by 300,000 barrels per day.

CitizenWatch Secretary General Wilford Wong also welcomed the rollbacks, pointing out it would result to additional savings that could be allotted for school expenses.

The consumer group official added the price rollback would push for a more transparent mechanism in determining oil prices in the market.