By Myrna M. Velasco
Oil firms have reduced prices once again as global crude costs continue to decline.
Petron Corp. and Phoenix Petroleum Philippines yesterday reduced prices of gasoline, diesel, and kerosene.
Petron reduced the prices of diesel by P1.25 per liter, P1.05 per liter for gasoline, and P1.20 per liter for kerosene effective 6 a.m. today.
On the other hand, Phoenix Petroleum reduced pump prices yesterday morning – diesel by P1.30 per liter and P1.15 per liter for gasoline.
Petron said this week’s price reduction was intended to “reflect movements in the international market.”
Prior to this week’s rollbacks, prices of diesel in various gasoline stations hovered at around P36.90 to P42.89 for an average of P41.40 per liter.
Gasoline prices ranged from P46.75 to P57.77 for an average of P52.92 per liter and kerosene from P43.02 to P52.76 for an average of P47.75 per liter, data from the Department of Energy showed.
Other oil companies are still weighing whether to follow the lead set by Phoenix Petroleum or wait for their usual Tuesday cost adjustments.
This is the second week that fuel prices have been reduced by more than R1 per liter.
The reductions were a respite from the six consecutive increases experienced by consumers in January until the first week of February.
