Oil companies implement hefty cuts in fuel prices

MANILA, Philippines — Cheaper pump prices will greet consumers this week as oil industry players announced on Monday hefty cuts in fuel prices.

Oil companies are set to trim gasoline prices by P2.40 per liter, diesel prices by P2.65 per liter, and kerosene prices by P2.70 per liter, effective Tuesday.

This is the third consecutive week of gasoline price cuts and the sixth consecutive week for diesel. For kerosene, it is the sixth consecutive week.

The latest price cuts, however, still failed to offset the cumulative increases in fuel prices this year.

As of January, diesel prices have risen by P14.55 per liter, P14.25 for gasoline, and P10.45 for kerosene, prompting several industry groups to ask for fuel subsidies.

—KARL O. OCAMPO