Oil firms reduce prices of diesel, gasoline

MANILA, Philippines — Local pump rates swung down with prices of diesel decreasing by 70 centavos per liter and that of gasoline by 65 centavos per liter.

Caltex reduced prices at 12:01 a.m. followed by Petron, Shell, Seaoil, PTT, Total and Phoenix at 6 a.m. Petron, Shell, Caltex and Seaoil also cut prices of kerosene by 75 centavos per liter.

Dubai crude, the Asian benchmark, was at $69.39 per barrel as of Aug. 4, sliding from $72.81 per barrel a week earlier.

—RONNEL W. DOMINGO