Seaoil, Petron, Chevron to cut fuel product prices

(Update 3 - 6:11 PM) Three Philippine petroleum companies, including two oil majors, have announced product price cuts on Monday. Independent oil company Seaoil said it would cut kerosene and diesel prices by P0.50 and P0.25 respectively, as of six o’ clock in the evening of Monday. The reduction is on top of the company’s earlier announced rollback of P1.00 per liter on prices of its gasoline products, Seaoil said in a text message. The earlier reduction covers premium, unleaded, and regular gasoline. Similarly, Petron will reduce prices of its premium fuel products by P1.00 per liter starting six in the morning of Tuesday. At the same time, Petron’s regular gasoline and kerosene prices will also be cut by P0.50 per liter, the company said in a separate text message. Costs of Petron’s diesel will be reduced by P0.25 per liter. Fuel product prices were reduced to reflect lower international oil prices. Chevron will also offer lower fuel product prices starting 12:01 midnight of Tuesday, February 16. Its premium products – Gold, Silver, and Silver E10 – will be sold by P1.00 lower. Regular gasoline and kerosene products will be reduced by P0.50 and P0.25 centavos per liter, the company said in a separate text message. Lower prices were brought about by reduced Mean of Platts Singapore, a measure of oil prices in Singapore. - RJAB Jr., GMANews.TV