More fuel price cuts

Two more local oil companies slashed the prices of gasoline by P1.50 a liter and of diesel and kerosene by P1.70 a liter following a steep drop in the price of oil in the international market.

Petron Corp. and Chevron Philippines implemented the rollbacks effective Monday (today).

Seaoil also announced it was rolling back its prices by P1.85 per liter of diesel, kerosene and regular gasoline, and by P1.75 per liter of premium and unleaded gasoline today.

Oil firms Eastern Petroleum and Flying V Philippines made their price adjustments last Saturday while Total Philippines and Phoenix Petroleum Philippines followed suit on Sunday.

Prior to the rollback, the oil companies slashed prices on Tuesday last week by P1 a liter for gasoline and 75 centavos a liter for diesel and kerosene.

Late last week, Energy Secretary Jose Rene D. Almendras warned oil companies to cut fuel prices by P2 a liter by Monday or face investigation by the Department of Justice.