• Oil firms set hefty price cuts

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    Another round of rollbacks in prices of petroleum products is expected this week.

    According to industry sources, oil firms may lower prices of diesel by P1.60 to P1.80 per liter.

    They are also expected to reduce prices of kerosene by P1.10 to P1.25 per liter.

    Sources said there could be no adjustment in gasoline prices.

    The expected rollback is primarily driven by continued decrease in prices of petroleum products in the world market.

    Last week, oil companies also lowered prices of diesel and kerosene by P1.45 per liter.

    They also reduced gasoline prices by 60 centavos per liter.

    Oil companies usually make a formal announcement on price adjustments every Monday, with the changes taking effect Monday evening or the following day.

    RITCHIE A. HORARIO

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