Oil firms slash prices for 8th consecutive week

MANILA Philippines – Oil firms reduced the prices of petroleum products for the 8th consecutive week, as prices in the international market continue to soften.

Effective 12:01 am Tuesday, August 11, Pilipinas Shell, SEAOIL, and Flying V are slashing prices of gasoline by P0.45 per liter (li); kerosene by P1/li; and diesel by P0.45/li.

Effective 6 am Tuesday, Phoenix Petroleum Philippines, meanwhile, will decrease prices of gasoline and diesel by P0.45 per liter.
 
Eastern Petroleum Corporation implemented the price rollback 6 pm, Monday, August 10.
 
Eastern Petroleum Chairman and CEO Fernando L. Martinez attributed the rollback to the continuous downward trend in world oil prices at the end of last week’s trading.
 
“The oversupply situation and downward trend in world oil prices continue to pressure local pump prices to go down further,” Martinez said.

Analysts also believed that world oil prices will rebound toward the end of the year at an average of $60 to $69 per barrel (bbl), he added.
 
World crude prices lowered on combined predominant reports on Chinese stock market rout and crude supply glut.
 
In Asia, gas oil and diesel continued to be depressed as the surplus medium sulphur gas oil barrels remained locked within Asia and had limited demand in the region, Platts said.
 
The oversupply was expected to continue as demand for gas oil typically dips in the third quarter.
 
Overall, MOPS (Mean of Platts) Dubai and gasoline dropped by more than $2/bbl. Diesel fell by more than $3/bbl. – Rappler.com

Fuel pump image from Shutterstock