By Myrna M. Velasco
Local oil companies will reduce prices as a result of the continuing downward swing in global prices today.
Pilipinas Shell Petroleum Corp., PTT Philippines, Seaoil, Flying V, Total, Phoenix Petroleum, Chevron (formerly Caltex), and Eastern Petroleum will reduce gasoline prices by P1.15 per liter, diesel by P0.90 per liter, and kerosene by P0.85 per liter effective 6 a.m.
The rest of the industry players are expected to follow.
Cost swings in the world market headed downhill last week, especially Dubai crude, which is generally taken as the price benchmark for Asian oil markets.
The price fall was also reflected in the Mean of Platts Singapore which is the cost indexing reference for oil importers in the Philippines.
