Five oil companies – Petron Corporation, Pilipinas Shell, Phoenix Petroleum, PTT Philippines, and Seaoil – will cut pump prices the second time this year on Monday, January 12. Gasoline prices will go down by P1.70 ($0.038*) per liter, kerosene by P1.60 ($0.036) per liter, and diesel by P1.50 ($0.033) per liter. The price cuts reflect the continued “softening” of petroleum prices in the world market. Global prices of oil have fallen almost 50% since June last year due to excessive supply, weak global economy and a strong US dollar.
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