Seaoil, Eastern Petroleum to cut pump prices

ABS-CBN News

Posted at Dec 11 2008 01:11 PM | Updated as of Dec 11 2008 09:11 PM

Independent oil firms Seaoil Philippines and Eastern Petroleum on Thursday cut prices of their gasoline products by P3 per liter and its diesel and kerosene products by P1/liter.

Officials from both companies said the continued fall in world oil prices necessitated the price cut, which took effect 2 p.m. Thursday.

Flying V chairman Ramon Villavicencio earlier said the company will also implement a similar cut in pump prices this weekend. He added that Flying V could even make bigger cuts before January.

Oil prices rose slightly in Asian trade on Thursday after South Korea reduced its key interest rate to a record low and a US bailout of the automotive sector moved closer.

New York's main contract, light sweet crude for January delivery, gained $0.26 to $43.78 a barrel on top of a $1.45 gain Wednesday at the New York Mercantile Exchange, where the contract closed at $43.52.

Brent North Sea crude for January rose $0.10, to $42.50 a barrel. The contract finished $0.87 higher at $42.40 on Wednesday in London. With Agence France-Presse