Fuel prices down slightly

Oil companies implemented today a minimal reduction on pump prices of petroleum products amid renewed oversupply concerns in the international market.

Gasoline and diesel prices were lowered by 10 centavos per liter and kerosene by 25 centavos per liter.

The adjustment came a week after petroleum companies implemented big price hikes on fuel products.

Flying V, Phoenix Petroleum Philippines Inc., Pilipinas Shell Petroleum Corp., PTT Philippines Corp. and Total Philippines Corp. implemented their respective price adjustments at 6 a.m.

In a separate advisory, Seaoil Philippines Inc. said its price cuts would take effect 12.:01 a.m.

Meanwhile, Caltex, Eastern Petroleum, Petron Corp. and UniOil Petroleum Philippines Inc. have yet to announce their respective price changes as of this writing.

Last week, international crude prices dropped because of renewed oversupply concerns in the market.

Global oil prices fell last Tuesday after Organization of Petroleum Exporting Countries (OPEC) posted its highest output last month, Reuters reported.

On the local scene, Petron said it started accepting Pantawid Pasada Cards distributed by the Department of Transportation (DOTr) and Department of Energy (DOE) in 740 service stations nationwide as part of its support for government efforts to help the public utility jeepney (PUJ) sector.

“As the leading Filipino-owned oil company, we fully support the government’s move to provide this needed relief in diesel prices to public utility jeepneys and the riding public,” Petron president and CEO Ramon Ang said.

Petron said PUJ drivers can still use their Petron Super Driver Card (SDC) to earn special bonus points, discounts with merchant partners and instant cash back in terms of peso points for every purchase of fuels, lubricants and Gasul in Petron service stations.