MANILA, June 29 (PNA) -– Oil firms have cut gas prices per liter by Php1.05 and diesel by Php0.15 centavos per liter on Tuesday.
Petron Corporation, Pilipinas Shell Petroleum Corporation (PSPC), Phoenix Petroleum Philippines, PTT Philippines and Seaoil Philippines Inc. (SPI) will cut gasoline prices by Php1.05 per liter and diesel prices by Php0.15 centavos per liter effective Tuesday (June 30).
Petron Corp., Pilipinas Shell Petroleum Corp., and SPI will lower prices after 12 midnight, while Phoenix Petroleum Philippines and PTT Philippines will decrease their prices effective 6 a.m.
PSPC and SPI have also reduced pump prices of kerosene per liter by Php0.20 centavos.
On Monday (June 29), Eastern Petroleum cut its pump prices of gas by Php1.05 and diesel by Php0.20 centavos.
According to the Department of Energy’s (DOE’s) oil monitor, which was taken after the last pump price changes on June 23, gas played between Php42.20-47.85 per liter. Most service stations offered gas at Php46.95 per liter.
Diesel, on the other hand, was offered between Php28.70-31.95 per liter. It has a common price of Php29.80 per liter.
Eastern Petroleum said the price decrease was due to the weaker demand of international petroleum products last week compared to the previous week.
Other firms said this week’s price changes reflect international oil market movements.
Last week, Middle Eastern markets were affected by a bombing in Kuwait killing 27 people and the killing of at least 145 Syrians by Islamic State Militants.
The Philippines mostly sources its oil from the Middle East, having supplied over 37.10 million barrels of 57.1 percent of its total oil imports last year.
Aside from Middle East worries, there is also growing concern over Greece defaulting on its US$ 1.8 billion debt payment to the International Monetary Fund (IMF).
During the third quarter of 2014, oil prices plunged brought by the increased shale oil production from North America.
The lower prices of shale were matched by the Organization of Petroleum Exporting Countries (OPEC) -– which intended to keep its market share –- even at low prices. (PNA)