Oil companies slash fuel prices anew

FILE PHOTO

MANILA, Philippines — Local oil companies on Tuesday cut anew the pump prices of fuel as world oil prices fell below $100 per barrel.

The price of diesel was reduced by P2 per liter, gasoline by P5 per liter and kerosene by 70 centavos per liter.

This is the third straight week of price cuts for diesel totaling P11.10 per liter and kerosene at P10.40 per liter and the second week in a row for gasoline at a total of P10.70 per liter.

Prices of the Asian benchmark Dubai crude oil have fallen to below $100 per barrel. Dubai was trading at $99.70 as of July 14 after peaking at $122.48 in March and staying above $100 for most of the last four months.

—RONNEL W. DOMINGO