MANILA - Oil companies are cutting prices at the pumps amid weakness in the international market for petroleum products.
In separate statements, Pilipinas Shell Petroleum Corp. and Eastern Petroleum Corp announced the following price reductions:
For Shell (effective 6:00 a.m. Monday, Oct. 22): P0.90 per liter for unleaded and premium gasoline; P0.25 per liter for kerosene; P0.35 per liter for diesel; and P0.40 per liter for regular gasoline.
For Eastern Petroleum (effective 12:01 a.m. Tuesday, Oct. 23): P1.00 per liter for unleaded and premium gasoline; P0.25 per liter for kerosene and diesel; and P0.40 per liter for regular gasoline.
Fernando L. Martinez, Eastern Petroleum chairman, said the price cut was brought about by the "downward movement of petroleum products in the international market."
Other petroleum companies have yet to announce similar adjustments but are expected to do so as they have generally kept toe-to-toe with their rivals.
Local oil firms import more than 90 percent of the oil products they sell, making their prices susceptible to price movements abroad.
Analysts attributed the recent weakening of international prices to a higher US stockpile and China's economic slowdown, the world's two biggest oil consumers.
Article Source: Euan Paclo C. Anonuevo, InterAksyon
