• Oil firms slash pump prices

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    Oil firms on Sunday rolled back prices of petroleum products.

    In separate advisories, Shell Philippines, Petron Corp., Phoenix Petroleum Philippines, PTT Philippines and Seaoil slashed prices of gasoline by P1.45 per liter.

    They also lowered diesel prices by 70 centavos per liter, and kerosene by 90 centavos per liter.

    Shell Philippines and Petron Corp. implemented the rollback effective 12:01 a.m., Sunday.

    The price reduction of Phoenix Petroleum Philippines, PTT Philippines and Seaoil took effect at 6 a.m., also on Sunday.

    According to the oil firm, the recent price adjustment was caused by downward movements of crude prices in the world market.

    Last week, oil companies also reduced gasoline prices by P1.10 per liter.

    They also lowered diesel prices by 40 centavos per liter and 25 centavos per liter for kerosene.

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