OIL firms would further slash pump prices today, pushed by the lower petroleum prices in the global market.
In separate advisories, Pilipinas Shell Petroleum Corp. (PSPC), PTT Philippines Corp. and Seaoil Philippines Inc. (SPI) said they would cut diesel prices by P1.45 per liter and gasoline prices by P1 per liter.
The three firms would implement the rollback at 6 am.
Shell said it would also reduce kerosene prices by P1.25 per liter.
Eastern Petroleum Corp., on the other hand, lowered diesel prices by P1.50 per liter and gasoline prices by P1.10 per liter at 6 pm yesterday.
Phoenix explained the price cut was due to the softening of petroleum prices in the world market.
Eastern Petroleum chief executive officer Fernando Martinez also said the lifting of sanctions in Iran would further push down petroleum prices and commodities.
According to the Department of Energy’s oil monitor, diesel prices are playing between P19.28-P23.10 per liter. It has a common price of P20.50 per liter.
Gasoline prices, however, range from P33.30-P40.65 per liter. It has a common price of P38.10 per liter.
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