OIL FIRMS TO SLASH GAS PRICES BY PHP0.60 C/LTR, DIESEL AT PHP1.45/LTR

MANILA –- Oil firms will cut gas prices by PHP0.60 centavos per liter and diesel prices by PHP1.45 per liter.

Starting Tuesday, Pilipinas Shell Petroleum Corp. (PSPC), Petron Corp., Seaoil Philippines Inc. (SPI), Phoenix Petroleum Philippines and PTT Philippines Plc. will reduce the pump and kerosene prices.

Petron and Seaoil will apply the price movements at 12:01 a.m., while Shell, Phoenix and PTT at 6:00 a.m.

Eastern Petroleum Corp., on the other hand, will lower with the same prices at 6:00 p.m. on Monday.

Shell, Petron and Seaoil said they will also rollback kerosene prices by PHP1.45 per liter.

Eastern Petroleum chairman and chief executive Fernando Martinez said the “price war may continue up to the end of next year” as Saudi Arabia will not reduce its output and Iran will ramp up production.

The downtrend of oil prices was triggered by the shale oil boom in 2013. Shale oil is cheaper than crude oil.

The Organization of Petroleum Exporting Countries (OPEC) which supplies at least 60 percent to the world’s oil market was forced to reduce its prices to maintain its market share. PNA