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Oil prices down today

By: Myrna M. Velasco

Oil firms will reduce their gasoline, diesel, and kerosene prices today.

Pilipinas Shell Petroleum Corp., PTT Philippines, Seaoil, Eastern Petroleum, Flying V, Total, and Phoenix Petroleum will reduce gasoline prices by P0.50 per liter and diesel by P0.40 per liter.

Prices of kerosene, an equally socially sensitive commodity, will be reduced by P0.85 per liter.

The rest of the industry players are anticipated to follow the price reductions that were implemented at 12:01 a.m. or 6 a.m. The Department of Energy has anticipated and indicated the oil price cuts.

Despite these, the DoE has called on consumers “to stay vigilant and report to the DoE Consumer Welfare Promotion Office any violation of the law, rules, and regulations by the petroleum products and suppliers,” primarily those that concern product quality or safety issues.

The DoE noted that while prognosis in the Asian gasoline market had been tight, the overall trend was still downward prices.

The softening of spot prices in the world market, primarily at the New York Mercantile Exchange, also contributed to the price reductions.