• Oil firms to cut pump prices

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    BIG oil-industry players as well as independent retailers on Monday announced that they will cut prices of diesel, gasoline and kerosene effective Tuesday.

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    Pilipinas Shell, Petron Corp., Chevron, PTT Philippines, Phoenix Petroleum and Eastern Petroleum will roll back prices of diesel by 70 centavos per liter.

    Pilipinas Shell, Petron Corp. and Chevron are set to roll back prices of their kerosene by 65 centavos per liter.

    This is the second time that oil companies reduced diesel prices after they slashed prices last week by 25 centavos per liter.

    For gasoline, Eastern Petroleum will roll back its price by 30 centavos per liter, a little bit higher compared to the 25 centavo-per liter adjustment of other petroleum dealers.

    Pilipinas Shell, Petron Corp., PTT Philippines and Eastern Petroleum will implement their rollbacks effective 12:01 a.m. on Tuesday and Phoenix Petroleum, effective 6 a.m.

    Prior to two straight weeks of price rollback, oil companies ushered in the month of September with a price increase.

    On September 3, they raised gasoline prices by 65 centavos per liter, diesel by 25 centavos per liter and kerosene by 15 centavos per liter.

    Since July, oil companies have cut prices nine times because of unstable crude prices in the world market.

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