Oil firms to cut prices this week

Oil firms to cut prices this week

MANILA — Several oil companies have announced another price rollback effective 6 a.m. on Tuesday. 

In separate advisories, Seaoil, Petro Gazz, PTT Philippines and Flying V said they will reduce the price of their respective gasoline products by PHP0.20 per liter, and diesel by PHP0.10 per liter. 

Seaoil and Flying V will also slash the price of its kerosene by PHP0.10 per liter. 

The price cut for diesel and kerosene this week is the ninth consecutive adjustment since September 30, 2019.   

The price downtrend was the result of the changes in the prices of oil in the international market as supply remains adequate. 

This is also the reason for the decision of some oil refineries to reduce production as demand weakens.   Joann Villanueva / PNA – northboundasia.com