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Oil firms announce year’s biggest price cuts
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Oil firms announce year’s biggest price cuts

MANILA, Philippines, June 11 ------ Oil companies cut prices for the third consecutive week as the international crude market feared lower demand amid a weakening global economy. The price cuts this week are the biggest so far this year. Petron, Shell, PTT Philippines, Total, Unioil and Eastern announced price cuts of P2.70 per liter of diesel and P2.45 per liter of gasoline, effective 6 a.m. on Tuesday.

Phoenix was the first to implement price reductions at 6 p.m. on Saturday, followed by Seaoil at 12:01 a.m. on Sunday. Petron, Shell and Seaoil also reduced prices of kerosene by P2.60 per liter. The price of the bellwether Dubai crude oil dropped to $58.65 per barrel on June 6 from $69.51 per barrel on May 29.