Oil companies cut prices by 30 centavos

Oil companies cut pump prices by as much as 30 centavos as global oil prices fell last week on uncertainty over the United States’ move to abandon a deal with Iran that lifted sanctions against the oil-producing country.

The price reduction took effect 6 a.m. on Monday in stations of five oil firms — Pilipinas Shell Petroleum Corp., Phoenix Petroleum Philippines Inc., Seaoil Philippines Inc., Flying V and PTT Philippines Corp.

Shell, Seaoil and Flying V also reduced kerosene prices by 60 centavos per liter.

As a result, diesel prices in Metro Manila now range from P39.05 to P45.08 per liter, while gasoline, P48.15 to P58.35 per liter. —Ronnel W. Domingo