MORE oil firms announced their third consecutive price cuts for diesel and gasoline effective today due to the significant downtrend in global oil prices.
PTT Philippines, Unioil Philippines, Total Philippines, Petro Gazz and Eastern Petroleum said they will rollback by P2.45 per liter premium and unleaded gasoline prices and P2.70 on diesel starting 6 a.m.
Oil giants Pilipinas Shell, Petron Corporation and Chevron Philippines said they will also implement today the same price adjustments on their gasoline and diesel products while a cut of P2.60 per liter for kerosene.
Phoenix Petroleum implemented last Saturday a P2.60 price cut for gasoline and P2.70 on diesel to provide motorists a longer period to buy cheaper fuels while Seaoil Philippines slashed its gasoline price by P2.45 per liter and P2.70 on diesel effective 12 midnight yesterday.
Before the latest rollbacks, according to the Department of Energy (DoE), the fuel prices have been ranging from P45.90 to P60.26 per liter for gasoline; P40.05 to P48.34 per liter; and P44.85 to P54.65 per liter for kerosene.
“Concerns over the trade dispute between the United States and China may lead to an economic slowdown and reduced fuel consumption outweigh supply concerns,” the DoE stated in a monitoring report.