Oil firms cut prices

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A week after imposing a hefty price increase, oil companies will reduce the prices of petroleum products on Tuesday.

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In separate advisories, Pilipinas Shell, Petron Philippines, Phoenix Petroleum Philippines, PTT Philippines and Seaoil said they will lower diesel prices by 15 centavos per liter.

They will also slash gasoline prices by 65 centavos per liter.

Except for Phoenix Petroleum and PTT Philippines, other oil firms will also reduce the cost of kerosene by 20 centavos per liter.

Except for Phoenix, other oil firms will implement the oil price rollback effective 12:01 a.m. Tuesday.

The price cut will take effect at 6 a.m. today.

Other oil firms such as Total, Chevron and Flying V are expected to adjust their prices.

The recent price cut was attributed to the decline in the prices of refined petroleum products in the international market.

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