Oil firms to cut pump prices


ANOTHER round of price rollbacks is expected to be carried out by oil firms by Tuesday next week.

Sources from the oil industry on Sunday said diesel prices are expected to be lowered by 90 centavos to P1.05 per liter.

Gasoline prices are expected to be rolled back by 40 to 60 centavos per liter and kerosene by 70 to 90 centavos per liter.

According to Fernando Martinez, Eastern Petroleum chairman and chief executive, the company will lower gasoline prices by 50 centavos per liter and diesel prices by more than P1 per liter.

The expected rollback is driven by unstable crude prices in the international market.

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


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