Pilipinas Shell and Seaoil Philippines are cutting retail pump prices anew following another week of decline in global crude oil prices.
By 12:01 a.m. on June 20, Shell and Seaoil will slash their diesel and kerosene prices by 50 centavos a liter and their gasoline price by 25 centavos a liter.
Shell said the reduction "reflects the decline in international product prices." High inventories and a soft demand has been dragging oil prices.
Other oil companies have yet to make an announcement on whether or not they will implement a price adjustment.