After raising fuel prices for two straight weeks, oil companies slashed their rates Tuesday despite higher prices in the global market.
Eastern Petroleum and Seaoil cut the prices of diesel and gasoline by 55 centavos per liter and 35 centavos per liter, respectively. The adjustment took effect at 12:01 a.m.
Seaoil reduced the cost of gasoline by P1.20 per liter.
Flying V, Phoenix Petroleum, Pilipinas Shell, Unioil and PTT Philippines also reduced the price of diesel by 55 centavos per liter and the price of gasoline by 35 centavos per liter. Flying V and Pilipinas Shell cut the price of kerosene by P1.20 per liter effective 6 a.m.
The oil companies announced the price adjustment on Monday even as oil markets inched up as the US rig count slumped.
Reports said Brent crude futures LCOc1 stood at $65.58 per barrel, up 9 cents while US West Texas Intermediate (WTI) crude futures CLc1 traded at $62.10 per barrel, up 6 cents. Jordeene Lagare