After 5 price hikes, oil firms cut pump prices

AFTER five consecutive oil price increases, oil firms will slash pump prices effective Tuesday morning.

Gasoline prices will be slashed by P0.10 per liter, kerosene by P0.55 per liter and diesel by P0.35 per liter.

The price adjustments of Pilipinas Shell, PTT Philippines, Petro Gazz, and Seaoil Philippines will take effect at 6 a.m. of March 9. Cleanfuel will also implement the same price reduction at 8 a.m.

Other oil firms are expected to follow suit.

Oil firms adjust their pump prices every week to reflect movements in the international oil market.

From February 2, gasoline prices have gone up to P4.05 per liter.

The price of diesel and kerosene went up by P4.15 and P3.8 per liter, respectively from February 9.

All oil firms now import their requirements to supply the country’s needs. This after the Pilipinas Shell and Petron Corp. ceased their refinery operations.

Petron Corp. ended its 180,000-barrel-per-day (bpd) refinery operations in Bataan last February 10.

Petron informed the Department of Energy (DOE) that the shutdown would last for four months. During the shutdown, maintenance activities on key process units would be conducted.

Shell, meanwhile, permanently ceased its 110,000-bpd refinery operations in Tabangao, Batangas, in August last year. The site has been converted into an import-receiving terminal.