Oil firms slash pump prices

MANILA, Philippines — Local oil firms slashed pump prices just a week after jacking up prices in the wake of the drone and missile attacks on Saudi Arabian oil facilities.

As of Sept. 26, the price of Dubai crude was pegged at $60.19 per barrel, falling from $66.11 per barrel on Sept. 16 or the first trading day after the attack.

Shell, Seaoil, Total and PTT Philippines cut prices of gasoline by P1.45 per liter, partially countering an increase of P2.35 per liter the previous week, which was the biggest hike so far this year.

The oil companies also lowered the prices of diesel by 60 centavos per liter, following last week’s hike of P1.80 per liter.

Phoenix Petroleum reduced prices of gasoline by P1.55 per liter and of diesel by 50 centavos per liter.

So far this year, prices of diesel have gone up by a total of P7.44 per liter, including the P2.24 per liter additional excise tax that took effect last Jan. 1.

Also, prices of gasoline have gone up by a total of P8.64 per liter, also including the P2.24 per liter increase in the excise tax.