Oil companies to cut pump prices anew

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AFTER a series of increases, oil companies are set to implement a minimal reduction in pump prices this week.

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Industry sources said the cost of diesel and kerosene will be lowered by 40 centavos to 55 centavos per liter while prices of gasoline are expected to be slashed by 25 centavos to 40 centavos per liter.

In practice, oil companies issue advisories on price adjustments every Monday. The new prices usually take effect midnight or early morning of Tuesday.

Last week, oil firms increased gasoline prices by 10 centavos per liter.

Prior to that, they also jacked up the cost of gasoline by P1.90 per liter, P1.85 per liter for kerosene and diesel by P1.70 per liter.

The price adjustment was due to the movement of crude prices in the world market.

Oil prices on Friday tumbled, with US crude falling five percent.

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