Oil firms roll back pump prices of fuel

Local oil companies slashed the pump prices of petroleum products by up to P2 per liter on Tuesday. In separate advisories, oil firms announced that the price of gasoline was cut by 40 centavos per liter. But reductions in the price of diesel and kerosene were larger at P2.15 per liter and P2.10 per liter, respectively. Last week, gasoline price increased by 90 centavos per liter while that of kerosene rose by P1.35 per liter. But diesel decreased by 30 centavos per liter. Per liter, cumulative increases now stand at P17.75 for gasoline, P33.85 for diesel and P27.85 for kerosene. Globally, both Asian bellwether Dubai crude and international benchmark Brent crude have declined to end at almost $89 per barrel and nearly $87 per barrel, respectively.

—Jordeene B. Lagare