Pump prices of diesel, gasoline drop anew

MANILA, Philippines — Pump prices of diesel eased for the fifth week straight on Tuesday while those of gasoline declined for the second week in a row as concerns about a possible global economic recession pushed down crude oil prices.

Shell, Seaoil, Phoenix, PTT Philippines and Total Philippines said they reduced prices of diesel by 10 centavos per liter and of gasoline by 45 centavos per liter.

There was no change for kerosene. One month futures contracts for Dubai crude oil were seen tapering off toward the end of last week, settling at $58.91 per barrel as of Thursday from a week’s peak of $59.56. —Ronnel W. Domingo