MANILA — Oil companies will cut pump prices Tuesday for the second consecutive week, as oil prices fell at the global market last week due to looming oversupply.
Pilipinas Shell Petroleum Corp., Phoenix Petroleum Philippines, Seaoil Philippines Inc., Flying V and PTT Philippines said in separate advisories Monday that they will reduce both diesel and gasoline prices by 65 centavos per liter.
Shell, Seaoil and Flying V added that they will decrease kerosene prices by 55 centavos per liter.
Shell, Phoenix and PTT will apply the price change at 6 a.m., while Seaoil and Flying will implement the price cut at 12:01 a.m.
Diesel prices in Metro Manila currently range from PHP26.40 to PHP29.97 per liter with a common price of PHP27.30, while gasoline prices vary from PHP36.05 to PHP44.75 per liter with a common price of PHP42.73.
Most oil firms last week rolled back diesel prices by PHP1.00 per liter and gasoline prices by 65 centavos per liter.
Last Friday, the Organization of the Petroleum Exporting Countries said its production rose to 33.64 million barrels per day (bpd) in October, higher by 240,000 bpd from September. Juzel Danganan/PNA-northboundasia.com