OIL companies started implementing a rollback on pump prices.
In separate advisories, Pilipinas Shell Petroleum Corp. (PSPC), Petron Corp., Phoenix Petroleum Philippines and Seaoil Philippines Inc. said they will cut diesel prices by 50 centavos per liter and kerosene prices by 70 centavos per liter.
Petron and Seaoil were set on implementing the price cuts at 12:01 am today while Shell and Phoenix’s price rollback takes effect at 6 am.
But Eastern Petroleum Corp. slashed diesel prices by 50 centavos per liter at 6 pm Monday.
Eastern Petroleum chairman and chief executive officer Fernando Martinez said that analysts expect oil prices to fall further due to the loomed removal of the Opec quota.
He added the “removal of the Opec quota will leave the oil market in a more vulnerable position.”
Oil benchmarks fell as the Organization of the Petroleum Exporting Countries failed to agree on a target production output, mainly due to disagreements between Saudi Arabia and Iran.
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