Oil companies cut prices for the fourth week in a row

Oil companies applied a price cut for the fourth week in a row, as international prices for various petroleum products continued to moderate.

Phoenix Petroleum Corp. led the price decrease with a reduction in the price of gasoline of 1.10 liter per liter and 1 liter per liter of diesel fuel. He was the first to announce last Saturday the downward price adjustment, which came into effect on November 4 at 6 am, "to allow motorists to benefit from lower pump prices".

PetroGazz, Seaoil Philippines, Eastern Petroleum Corp., also announced the latest price adjustment, which takes effect Nov. 6 at 6 am.

Seaoil also applies a price reduction of 0.65 liter per liter of kerosene.

Meanwhile, Pilipinas Shell and PTT Philippines announced a reduction of 0.90 liter per liter of diesel and 1 liter per liter of gasoline as of Tuesday, November 6th. Shell has also reduced the price of kerosene by 0.65 liters per liter.

Other oil companies should do the same.

From October 15 to November 5, the price of gasoline fell by 5.20 P per liter, that of diesel P2.65 per liter and P2.40 per liter for kerosene.

The price of liquefied petroleum gas (LPG) also declined last week. Phoenix has announced a reduction of 7.50 pesos per kilogram (kg) as of November 1st.

On November 1, Petron also reduced the LPG price of $ 82.50 for a standard 11 kg Gasul tank. Similarly, Petron's AutoLPG prices fell by 4.20 pesos per liter. "These reflect the movements of the international LPG contract price for the month of November," said Petron.

The price decreases took place after diesel prices rose by 5.85 pesos per liter, those of gasoline by 5.05 pesos per liter and kerosene by 4.65 pesos per liter from 14 to 9 October. .