Oil firms announce price cut

OIL companies announced a reduction in the prices of petroleum products, such as gasoline and kerosene, effective Tuesday morning.

Pilipinas Shell said it will cut gasoline prices by P0.40 per liter and the price of kerosene price also by P0.40 per liter. It will not adjust diesel prices.

Petron Corp. will implement a smaller price rollback of P0.30 per liter each for gasoline and kerosene. It will, however, bring down diesel prices by P0.10 per liter.

Both will implement their respective price adjustments at 6 a.m. of December 10.

“These reflect movements in

the international oil market,” said Petron.

In a Bloomberg report last October, analysts said concerns over the United States-China trade tiff are weighing on the international oil market.

Aside from the US-China trade war, investors are also focused on supply increases in the US. The

Energy Information Administration said crude output at major shale plays across the US could rise 58,000 barrels a day to 8.97 million barrels a day.

Other oil firms are expected to announce their price adjustments on Monday. Oil firms adjust their prices every Tuesday.

Last week, oil firms jacked up the price of gasoline by P0.30 per liter, P0.65 per liter in diesel and P0.50 per liter increase in kerosene price.