OIL FIRMS SLASH PRICES ANEW

MANILA — Most oil firms will reduce pump prices Tuesday, still due to continuing oil glut in the international crude market and peso depreciation.

In separate advisories Monday, Pilipinas Shell Petroleum Corp., Phoenix Petroleum Philippines, Seaoil Philippines Inc., and PTT Philippines said they would rollback gasoline prices by 60 centavos per liter and diesel prices by 90 centavos per liter at 6:00 a.m.

Shell and Seaoil also noted they will slash kerosene prices by Php 1.10 per liter.

On the other hand, independent firm Eastern Petroleum reduced diesel prices by 95 centavos per liter and gasoline prices by 60 centavos per liter.

Eastern Petroleum applied the price chnges at 6 p.m., Monday.

Phoenix Petroleum said the downtrend in oil prices was caused by the continuing glut in the global oil market and the depreciation of the Philippine peso.

Meanwhile, Eastern Petroleum chairman and chief executive Fernando Martinez said analysts failed to project the long-term prices of oil, adding they expected prices “will continue to defy experts’ expectations.”

According to the Department of Energy’s (DOE’s) oil monitor for Metro Manila as of Jan. 20, diesel has a price range of Php 18.45-21.65 per liter. It has a common price of Php 20.20 per liter.

On the other hand, gasoline prices range from Php 32.15-39.95 per liter, with a common price of Php 37.10 per liter. PNA/northboundasia.com