Oil companies cut pump prices of fuel

Oil companies slashed anew on Tuesday the pump prices of petroleum products a week after implementing a mixed price adjustment.

The price of gasoline decreased by P1.65 per liter, while those of diesel and kerosene dropped by P1.25 per liter and P1.35 per liter, respectively.

Majority of the industry players implemented the downward adjustment in domestic fuel prices on Tuesday morning.

This will be the fourth straight week that oil firms rolled back the prices of diesel and kerosene.

Last week’s price reductions for diesel and kerosene were bigger at P4.15 and P4.45 per liter, respectively. There was no price adjustment for gasoline.

The cumulative increases now stand at P14.85 per liter for gasoline, P29.40 per liter for diesel and P24.10 per liter for kerosene. INQ