Oil firms cut prices for 2nd straight time
MANILA, Philippines – Oil companies in the Philippines rolled back prices of petroleum products again, reflecting movements in the international oil market.
Effective 6 am on Sunday, February 18, PTT Philippines, Eastern Petroleum, and Phoenix Petroleum cut the price of gasoline by P1.05 per liter and diesel by P1.25 per liter.
Seaoil Philippines, Pilipinas Shell, and Petron also implemented the same price adjustments.
These 3 oil firms also reduced kerosene prices by P1.20 per liter, effective Sunday. (READ: How falling oil prices could be good for PH)
These reflect movements in the international oil market, according to the oil companies.
Last February 13, the price of gasoline had gone down by P1 per liter, diesel by P1.30 per liter, and kerosene by 85 centavos per liter.
Before these two consecutive rollbacks, oil firms had increased pump prices for 6 straight weeks, due to higher imported fuel prices and excise tax. – Rappler.com