Oil firms to cut pump prices Tuesday

MANILA –- Pilipinas Shell Petroleum Corp., Phoenix Petroleum Philippines and Seaoil Philippines Inc. said they will rollback gasoline prices by 60 centavos per liter on Tuesday.

In separate advisories Monday, the oil firms also said diesel prices will remain unchanged.

Shell and Seaoil will further reduce kerosene prices by 20 centavos per liter.

Phoenix and Shell will apply the price changes at 6 a.m., while Seaoil will adjust its prices at 12:01 a.m.

Seaoil noted the movements reflect international market prices. It has improved from last week as oil benchmarks started with low prices, then increased before it fell again.

Last week, the benchmark Brent crude for August delivery closed at USD47.7 per barrel on Monday, increased to USD51.32 Wednesday then fell to USD50.35 on Friday.

West Texas Intermediate, on the other hand, started at a close of USD46.33 per barrel on Monday, hiked to USD49.88 and closed at USD48.99 per barrel Friday.

Oil prices closed better on Friday after fears had settled regarding the British Exit in the European Union last week. PNA/northboundasia.com