MANILA — Pilipinas Shell Petroleum Corp. (PSPC), Petron Corp., Seaoil Philippines Inc. (SPI), Phoenix Petroleum Philippines and PTT Philippines Corp. will slash pump prices of petroleum products on Tuesday morning.

In an advisory, the five oil firms said they would cut gas prices by Php 1.40 per liter and diesel prices by 70 centavos per liter.

Eastern Petroleum Corp. applies the rollback much earlier –at 6:00 p.m., Monday.

Seaoil and Petron enforce the price cut starting at 12:01 a.m., Tuesday while Pilipinas Shell, Phoenix Petroleum and PTT follow suit 6:00 a.m., also on Tuesday.

Petron, Shell and Seaoil will also reduce kerosene prices by 90 centavos per liter.

Eastern Petroleum chairman and chief executive Fernando Martinez noted that Iran’s crude oil output will add to the glut, as around 500 million barrels of US crude remain unsold and shale producers are still pumping production.

According to the Department of Energy’s (DOE) Oil Monitor as of Feb. 9, diesel prices range from Php 18.85-22.20 per liter in Metro Manila, with a common price of Php 21.55 per liter.

Gasoline, on the other hand, has a price range of Php 31.30-39.10 per liter. It has a common price of Php 36.25 per liter.

For the year, diesel had a net decrease of Php 1.20 per liter and gasoline 45 centavos per liter.

Last week, the markets also showed positive reaction from a statement from the energy minister of the United Arab Emirates, baring the Organization of Petroleum Exporting Countries (OPEC) readiness to cooperate with other exporters for production cuts.

The oil prices bounced from its 13-year low, still due to the glut in the world market. Juzel Danganan/PNA/northboundasia.com