Several Oil Firms Lower Prices On Products
OIL FIRMS LOWER PRICES – As the prices in the World Oil Market shifts, several firm in the Philippines followed through on the latest oil price rollbacks.
Among these firms was Unoil Philippines that cut diesel pump prices by a significant P1.50 per liter. Meanwhile, they reduced prices for gasoline by P1 per liter last Sunday.
Along with this, Cleanfuel also cut prices to the same level as Unioil on Monday. This would be the fourth consecutive weekly price drop for the prices of both diesel and gasoline.
According to an article from Manila Standard, the Department of Energy monitored a global oil supply increase from July to August. Furthermore, the there was an increase of 4 million barrels per day following its drop of more than 13 million from April to June.
In lieu of this, several other firms in the country had also cut back on their prices of diesel and gasoline. Based on a report from ABS-CBN, Pheonix Petroleum had a roll-back of P1.50 for diesel and P1/L for gasoline.
Likewise, Petro Gazz, at around 6:00 a.m. cut down their prices for diesel by P1.55/L with gasoline prices reduced by P1/L. Meanwhile, big names such as shell had a P1.55/L roll back, with gasoline prices reduced by P1/L, and kerosene prices lowered by P1.45/L.
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