MANILA, July 4 (PIA) -- Major oil firms reduced the prices of their petroleum products by 50-centavos per liter Sunday, which gave motorists another reason to enjoy the weekend.
Among those who implemented price rollbacks of their gasoline, diesel, and kerosene products were Pilipinas Shell Petroleum Corp., Petron Corp., Chevron Philippines, Seaoil Philippines, Eastern Petroleum, Phoenix Petroleum Philippines, Total Philippines, and Unioil Philippines .
Shell said in its advisory that it reduced prices "to reflect the decline in international product prices."
The Department of Energy (DoE) earlier reported that crude oil and petroleum products prices fell after the International Energy Agency (IEA) announced the release of two million barrels a day for 30 days starting next month.
The IEA said it had to implement this to make up for lost Libyan output and to give the global economy relief from high energy costs.
Last July 1, Shell and Petron also cut the price of liquefied petroleum gas (LPG) by P2 per kilo.
The oil companies also implemented a price cut on the prices of gasoline and diesel by P0.75/liter and P1.75, respectively, effective 26 June 2011. (RJB/JCP-PIA NCR)
