Petron, Shell cut gas price by P1.20/liter, diesel by P0.90

Published June 3, 2018, 12:05 AM

by Mario Casayuran and Vanne Elaine Terrazola

By Myrna M. Velasco

After Phoenix Petroleum Philippines rolled back the pump price of gasoline, diesel, and kerosene Friday night, Petron Corporation and Pilipinas Shell Petroleum Corporation followed suit cutting the price of gasoline by P1.20 per liter and P0.90 for diesel products.

The two major oil firms reduced their price for kerosene at P1.00 per liter.

The price cuts take effect at 6 a.m. today.

Comparatively, the enforced rollback of Petron and Pilipinas Shell are smaller compared to the price reduction for gas (P1.40) and diesel (P1)announced by Phoenix Petroleum Friday (June 1).

Energy Secretary Alfonso G. Cusi earlier hinted of price cuts before the usual Tuesday routine of industry players after he met with oil companies.

As of press time, other players in the industry have yet to announce their price rollbacks.

Nevertheless, gauging from the latest developments at the closing of Friday’s trading at global markets, the relief for Filipino consumers may not last long – and may instead brace for price hikes in the succeeding week.

Benchmark Dubai crude rose anew to US$75.17 per barrel as of June 1, following a softening to the $72 to $73 per barrel range in the past trading days.

But for other crudes in the basket like West Texas Intermediate (WTI) and Brent, prices have relatively eased compared to the Asian crude benchmark.