Oil firms cut fuel prices by 80¢-P1.20

Local oil companies have slashed anew the prices of gasoline by P1.20 a liter, of diesel by P1 a liter and of kerosene by 80 centavos a liter, effective Monday.

Pilipinas Shell Petroleum Corp., Petron Corp., Seaoil Philippines, Unioil Petroleum Philippines, Chevron and Eastern Petroleum Philippines all cited the downtrend in the price of oil in the global market as the reason for the latest rollback.

This is the third price cutback implemented by the oil companies following decreases on September 13 and 20. The oil companies did not adjust prices last week.

Prior to Monday’s rollback, the year-to-date net increase in gasoline prices stood at P7.40 a liter and for diesel at P5.15 a liter, government data showed.

Originally posted: 3:37 pm | Sunday, October 2nd, 2011