Oil firms cut prices starting Tuesday

MANILA (PNA) -- Oil firms will cut prices of diesel by Php 1.50 per liter and gasoline by Php 0.55 per liter effective Tuesday morning.In an advisory, Pilipinas Shell Petroleum Corp. (PSPC), Seaoil Philippines Inc. (SPI), and Petron Corp weill enforce the price cut by 12:01 a.m. Tuesday while PTT Philippines and Phoenix Petroleum Philippines by 6 a.m., also on Tuesday.Shell, Seaoil and Petron will also cut kerosene prices by Php 1.60/liter.Phoenix said the price reductions resulted from the continuous downward trend of petroleum prices in the international market. Last week, global oil prices fell below USD 51 per barrel due to another looming oversupply, which is expected to be catalyzed by a de-nuclearization deal with Iran.The de-nuclearization will result in the lifting of the economic sanction against Iran, one of the world's largest producers of oil, allowing it to sell in the market.According to the Department of Energy's (DOE's) oil monitor, diesel is selling from Php 27.90-Php31.15/liter since July 7.Gasoline prices, on the other hand, play between Php40.55 and Php 46.70 per liter. (PNA)RMA/JLD