Oil companies set new price cuts this week

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FOR the third time in November, oil companies are cutting their pump prices this week on the back of weakening global prices for refined petroleum products.

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Pilipinas Shell Corp. and PTT Philippines said they will uniformly cut gasoline and diesel prices by 90 centavos per liter effective 12:01 a.m. November 25.

Pilipinas Shell will also lower its kerosene price by P1.05 per liter.

Independent player Phoenix Petroleum Philippines is set to reduce gasoline and diesel prices by 90 centavos per liter effective 6 a.m. also on Tuesday.

The rollback will reflect the continued softening in the prices of refined petroleum products in the world market, the oil companies said in their separate advisories.

Other companies have yet to announce their respective price adjustments.

In their last two rollbacks, oil firms have slashed gasoline prices by as much as P1.80 per liter and 85 centavos per liter for diesel. RITCHIE A. HORARIO

 

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