Oil firms to slash pump prices again

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Prices of oil products are expected to be rolled back this week.

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Industry players over the weekend said gasoline prices may decrease by more than 50 centavos per liter.

Price of diesel is likely to be lowered by more than a peso per liter.

Fernando Martinez, chairman and chief executive officer of independent oil player Eastern Petroleum, said the expected rollback was driven by lower crude price at the end of last Thursday’s trading.

This will be the third time that oil firms will lower pump prices for this month.

Last week, oil companies reduced diesel prices by 65 centavos per liter.

They also lowered gasoline prices by 70 centavos per liter and kerosene by 65 centavos per liter.

The oil companies are expected to officially announce the price adjustments on Monday and the rollback will take effect the following day.

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