MANILA — Pilipinas Shell Petroleum Corp. will cut pump prices Tuesday, for the second consecutive week, as oil prices fell at the global market last week due to loomed oversupply.
Shell, in an advisory Monday, said it will lower both diesel and gasoline prices by 65 centavos per liter.
The oil firm added it will decrease kerosene prices by 55 centavos per liter.
The price change will take effect at 6a.m., Nov. 15.
Diesel prices in Metro Manila currently range from PHP 26.40-29.97 per liter with a common price of PHP 27.30, while gasoline varies from PHP 36.05-44.75 per liter with a common price of PHP 42.73.
Most oil firms rollbacked last week diesel prices by PHP 1.00 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. It is higher by 240,000 bpd from September. Juzel Danganan/PNA-northboundasia.com