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Oil companies cut pump prices


OIL companies will reduce their pump prices this week, days after raising the cost of petroleum products.

Cleanfuel was the first to reduce the cost of diesel by 15 centavos per liter and gasoline by 20 centavos per liter on Sunday.

Petro Gazz, Phoenix Petroleum, Pilipinas Shell and PTT Philippines said in separate advisories that their prices of diesel and gasoline would drop by 10 centavos per liter on Tuesday.

Pilipinas Shell will cut the cost of kerosene by 10 centavos per liter also on Tuesday at 6 a.m.

Other industry players are also expected to adjust their pump prices.

Last week, oil companies raised the price of diesel by 60 centavos to 75 centavos per liter, gasoline by 35 centavos to 50 centavos per liter and kerosene by 45 centavos to 50 centavos per liter.

Year-to-date adjustments stand at a net increase of P3.45 per liter for diesel, P4.85 per liter for gasoline and P1.30 liter for kerosene, latest data from the Department of Energy showed.


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