Pump prices drop by 30¢

Despite the rise in global crude costs, pump prices of fuel dropped further by 30 centavos yesterday – this time due to the strengthening of the peso against the dollar.

Oil companies said they reduced their fuel pump prices to reflect the minimal gain of the peso against the greenback.

Petron Corp., Pilipinas Shell, Chevron Philippines, Unioil Philippines, Total Philippines, Eastern Petroleum Corp., Seaoil Philippines and PTT Philippines implemented across-the-board price cuts effective at 6 a.m. yesterday.

Dubai crude, the benchmark used by local oil refiners, averaged $55.16 per barrel as of Feb. 22 compared to January’s average of $51.69. – Donnabelle Gatdula