By Myrna M. Velasco
Local oil companies yesterday announced a rollback of P0.55 per liter for gasoline and P0.60 per liter for diesel and kerosene today with the continuing downturn in global crude prices.
Pilipinas Shell Petroleum Corp., Phoenix Petroleum Philippines Inc., Seaoil, PTT Philippines, Total, and Eastern Petroleum said the price cuts take effect at 6 a.m.
The other industry players are expected to follow the reduction of prices this week.
But as the international market is still unpredictable, it remains to be seen if this downtrend in prices of oil products is just a phase of the “calm before another market storm.”
The Dubai crude, which is touted as the Asian oil market’s benchmark, closed at last Friday’s trading at $73 per barrel, lower than the $75 per barrel mark in the past week.