Manila (Philippine Daily Inquirer/ANN) - Oil companies will reduce the prices of petroleum products today to reflect the continued softening of prices in the international market.
Petron Corp., Phoenix Petroleum Philippines, Chevron Philippines and Seaoil Philippines will cut prices of regular gasoline by 90 centavos (1 Philippines peso = 100 centavos) a litre, premium gasoline by 45 centavos a litre, and diesel fuel and kerosene by 35 centavos a litre.
Other companies had yet to make their respective announcements as of press time yesterday but are expected to also cut their prices.
This is the seventh consecutive week that prices of petroleum products have gone down.
Prior to Sunday's oil price rollback, pump prices of diesel fuel ranged from 42.20 pesos (US$ 0.96) to 46.20 pesos ($1.01) a litre and gasoline from 49.55 pesos ($1.13) to 57.07 pesos ($1.30) a litre.