Oil firms announce big-time gasoline price slash
Motorists can expect lower prices of gasoline and kerosene this week.
Local oil industry players have announced that the price of gasoline will be reduced by P1.25 per liter while kerosene will be slashed by P0.30 a liter.
Diesel will have no price movement.
The price rollback will take effect on Tuesday (May 14) but some oil companies have opted to implement the price cut early.
The oil price slash was imposed to reflect the prices in the world market.
Analyst fears disruption of Saudi oil supply could bring ‘dire’ consequences
Asia market opened lower on Monday (September 16) after weekend attacks on Saudi Arabia’s crude facilities knocked out more than 5% of global oil supply.
Oil prices surged to four-month highs while Wall Street futures fell and safe-haven bets returned. Prices for gold climbing 1% in early Asian trade to $1,503.09.
In Hong Kong, Hang Seng index and China Enterprises Index slipped, and South Korea’s KOSPI (Korea Composite Stock Price Index) opened almost flat.
Analyst fears disruption in oil supply could bring ‘dire’ consequences to the global economy and a repeat of a global recession.
(REUTERS) Oil price rollback to happen next week
Oil companies will be implementing a price rollback on petroleum products next week.
Oil industry players have estimated a 10 to 25 centavos per liter reduction in the price per liter of diesel and 60 to 80 centavos per liter on gasoline.
This is the 3
rd week in a row that oil companies have implemented a price cut on petroleum products.
The rollback is brought about by the movement of oil prices in the world market.
(with details from Mon Jocson) /mbmf Oil price roll back set on September 3
Oil companies will implement another oil price rollback starting Tuesday (Sept 3). This will be the second oil price roll back for two consecutive weeks.
Changes will be effective at 6:00 a.m. Tuesday.
Phoenix Petroleum Philippines, and Petro Gazz will decrease prices of gasoline and diesel by P0.10 per liter.
Meanwhile, Seaoil, Shell and Cleanfuel already implemented their oil prices rollback on Monday (Aug 2) at 6:00 a.m.
Seaoil and Shell decreased their gasoline and diesel prices by P0.10/L while their kerosene prices are cut by P0.15/L.