Oil firms cut pump prices

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For the seventh consecutive week, oil companies will slash pump prices effective Tuesday.

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In separate advisories, Pilipinas Shell, Seaoil, PTT Philippines and Phoenix Petroleum Philippines will reduce diesel prices by 90 centavos per liter.

They will also cut gasoline prices by 40 centavos per liter and 70 centavos per liter for kerosene.

Eastern Petroleum, on the other hand, will lower diesel price by P1 per liter and gasoline by 50 centavos per liter.

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

The price adjustment was attributed to the continued downward movements in the prices of petroleum products in the international market.

Last week, oil companies also diesel and gasoline prices by 60 centavos per liter and 45 centavos per liter for kerosene.

Since June 23, oil companies have reduced diesel prices by P3.50 per liter.

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