• Oil companies slash pump prices

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    After three consecutive weeks of hefty price increases, oil companies will slash their rates on Tuesday.

    In separate advisories, Pilipinas Shell, Phoenix Petroleum Philippines, PTT Philippines and Seaoil said they will cut diesel price by 40 centavos per liter and 15 centavos per liter for gasoline.

    The price rollback will take effect between 12:01 a.m. and 6 a.m. on Tuesday.

    Shell and Seaoil will also cut the cost of kerosene by 85 centavos per liter.

    Other oil companies such as Chevron, Petron, Flying V, Total and Eastern Petroleum are expected to follow suit.

    The price rollback was attributed to plunging crude prices in the international market.

    Last month, oil companies hiked their rates three times. The cost of gasoline went up by P4.40 per liter, P3.15 per liter for kerosene and P4.20 per liter for diesel.

    Prices of Liquefied Petroleum Gas (LPG), however, are expected to increase this week.

    According to industry sources, the cost of cooking gas will likely go up by around 40 centavos to 50 centavos per kilo or P4.40 to P5.50 for an 11-kg cylinder.

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