Other oil firms reduce prices
Credit to Author: Tempo Desk| Date: Mon, 13 May 2019 09:40:09 +0000
Following the pricing lead of an industry competitor, the other oil companies have implemented rollback in their pump prices this week at the scale of P1.25 per liter for gasoline and P0.30 per liter for kerosene products.
The oil firms that have enforced cut pump prices over the weekend include Seaoil Sunday 12:01 a.m., followed by Eastern Petroleum yesterday at 12:01 a.m.
The rest of the industry players that have advised price reductions to be implemented today at 6 a.m. were Pilipinas Shell Petroleum Corp., PetroGazz, Flying V, PTT Philippines, and Petron Corp. at P1.25 per liter for gasoline.
This week’s downtrend in Philippine pump prices had been generally attributable to the softening of oil prices in the world market – chiefly due to hike in inventories in the United States.
Further than that, anticipations are also intensifying that the established “production cut recourse” of the major oil producers may already draw to a close by next month. (Myrna Velasco)