By Myrna M. Velasco
Oil companies will reduce prices by a small amount this week, with gasoline trimmed by P0.40 per liter and diesel by P0.30 per liter.
There is no price change for kerosene this week, according to the pricing adjustment advisory of the oil firms.
The first to announce price cut was Pilipinas Shell Petroleum Corp. effective 6 a.m. today and immediately followed by Phoenix Petroleum Philippines Inc., Seaoil, and Eastern Petroleum Corp.
All other players in the industry are expected to follow the pricing trend already set off by rivals, which essentially had been due to softening of prices in the world market.
Prior to this adjustment, there were hefty increases from March to the first week of April.
For this week’s price rollback, it has been reported that the jump in crude oil exports of the United States had been derailing the observed rally in prices in the past weeks – and this is a development seen not slowing down anytime soon.
