Pump prices are holding steady this week, after oil companies discounted any movement in the prices of their products.
In separate announcements, Pilipinas Shell, Seaoil, Petro Gazz & Flying V said neither upward nor downward price changes will be implemented on Tuesday, the day when retail prices of petroleum products are traditionally adjusted to remain consistent with international prices.
These decisions were announced after several weeks of mostly price hikes given the developments in the international market.
Oil prices have been rising given the push of most major oil producing countries to lessen production to address the decline of prices in the past year.
However, an oil executive said that world crude prices were a bit less volatile in recent days. “We realize that consumers have become accustomed to weekly changes (in oil prices) but if there is no need (for adjustments), we really go for price stability,” he added. (PNA)