Big cuts in pump prices implemented

Holiday driving for the Filipinos just got better with the hefty price cuts implemented by the oil companies over the weekend. In the pricing adjustment advisory of the industry players, they indicated that the cost of gasoline products at the pumps had been down by 1.45 per liter; while diesel had to be reduced by P0.70 per liter. Kerosene product, which is also a base for aviation fuel, similarly had its price pared by a considerable 0.90 per liter. The fresh round of price rollbacks had been set effective 12:01 and 6:00am on August 30 (Sunday) by various oil firms in the country. The oil companies which advised on their price cuts include Phoenix Petroleum, Pilipinas Shell Petroleum Corporation, Flying V, Total, PTT Philippines and Seaoil. They reiterated anew that this was still reflective of the downtrend in global oil prices, based on the impact of market fundamentals and geopolitical factors. Domestic pump prices move on a weekly basis as the industry players believe such duration could be more reflective of the international price swings. With the successively declining prices at the pumps, pressure is also intensifying on the part of the transport sector to further reduce fares for the commuting public. It has been emphasized by global market analysts that oversupply and record stockpiles in producing countries continued to pull prices on remarkable spiral. The relatively anemic economic growth data of big countries have not also been helping lift prices, and indications have been that the trend may carry on until next year. (MMV)