Oil prices slashed

MANILA, Philippines - Unioil Petroleum Corp. rolled back last night its prices for gasoline products by P1.50 per liter.

Although no other oil firms announced a similar reduction in the prices of petroleum products, they are expected to follow suit.

Industry officials said the rollback was due to the continued weakening of prices of crude oil in the world market following the economic uncertainties in Europe.

Last Oct. 24, the price of diesel increased by P1 per liter, while kerosene went up by P1.10 per liter.

But most oil firms reduced the prices of premium and unleaded gasoline by 50 centavos per liter.

Total Philippines reduced its gasoline prices by just 20 centavos per liter.

The week before, oil firms increased their gas prices by P1.40 per liter.