Oil firms cut gas prices by P1.20/liter

Manila, Philippines -  Major and independent oil firms have again cut pump prices, marking the 11th consecutive weekly price rollback.

“We continue to reflect developments abroad. This is already the 11th [consecutive weekly price decline],” Shell spokesman Roberto Kanapi said.

Industry giants Petron Corp., Pilipinas Shell Petroleum Corp. and Chevron Philippines Inc., along with independent oil player Eastern Petroleum Corp., slashed prices of premium and regular gasoline by P1.20 per liter and P1.10 per liter, respectively.

The companies also rolled back prices of diesel by 50 centavos per liter and kerosene by 35 centavos per liter effective early today.

“This is to reflect movements in the international oil market,” Petron noted in a text message to The STAR.

Last week, major and independent oil firms cut pump prices of regular and premium gasoline by 40 centavos per liter and 30 centavos per liter.

The oil firms have also reduced prices of diesel by 65 centavos per liter and kerosene by 60 centavos per liter on the back of lower prices abroad.