Oil firms cut prices

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OIL companies will implement a big-time rollback in the prices of petroleum products on Monday.

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In separate advisories, Petron Corp., Pilipinas Shell, Phoenix Petroleum Philippines, Seaoil, and PTT Philippines said they will cut prices of diesel by P1.45 per liter and P1.25 per liter for gasoline.

Except for PTT and Phoenix, oil companies will also lower the cost of kerosene by P1.25 per liter.

The price slash will take effect at 12:01 a.m. on Monday, except for Phoenix which will adjust its rates at 6 a.m.

This is the third time that oil companies reduced the cost of petroleum products this month.

According to the oil firms, the latest rollback was due to the movement of crude prices in the international market.

On January 5, oil firms also slashed by 95 centavos per liter the prices of gasoline and 80 centavos per liter for diesel.

On January 12, they lowered the prices of diesel by P1.50 per liter; P1.70 per liter for gasoline and P1.60 per liter for kerosene.

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