MS 30th Anniversary XXX
Advertisement

Pump price cuts 2nd in two weeks

THE oil companies on Monday rolled back pump prices by as much as P0.70 per liter effective Tuesday following the continuing supply glut in the global oil market.

They cut the price of gasoline by P0.70 per liter, kerosene by P0.15 per liter and diesel by P0.10 per liter.

“This is to reflect the movements in the international petroleum market,” Seaoil Philippines said in its advisory.

On June 13, the oil firms cut the price of kerosene by P1.20 per liter, diesel by P0.95 per liter and gasoline by P0.80 per liter.

The ongoing oil drilling in the US has weighed down on global world oil prices despite the production cut implemented by members and non-members of the Organization of Petroleum Exporting Countries.

Opec and non-Opec countries recently approved the extension of production cuts for another nine months to support oil prices amid the supply glut, but that has failed to make an impact on prices

The Philippines imports over 90 percent of its fuel requirements and is merely a price taker in the global oil market.

Domestic pump prices are adjusted weekly to reflect market developments in the world oil market.

Topics: Oil companies , Pump prices , Roll back
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by The Standard. Comments are views by thestandard.ph readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of thestandard.ph. While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with The Standard editorial standards, The Standard may not be held liable for any false information posted by readers in this comments section.
AdvertisementKPPI
Advertisement