Oil firms slash pump prices for 6th straight week

Local oil companies cut pump prices for the sixth straight week on Sunday last week ahead of a pact among crude oil exporters to reduce output by 1 million barrels a day to address global oversupply.

Unioil, Phoenix, Seaoil and Caltex reduced prices of gasoline by P1.30 per liter while Shell, Total, PTT and Flying V announced a reduction of P1.25 per liter.

All of these companies also reduced the price of disel by P1.10 per liter. Shell, Seaoil, Caltex and Flying V reduced kerosene prices by 80 centavos.

The price of diesel has dropped P6.15 per liter and that of gasoline by P8.75 per liter in the last six weeks. —Ronnel W. Domingo