In a welcome bit of news for motorists, oil companies announced a reduction in pump prices this week, due to easing supply concerns in the international market.
Petron and Shell announced a in cut gasoline prices by 90 centavos per liter, diesel by P1.10 per liter, and kerosene by 70 centavos per liter effective 12:01 a.m. on Monday.
PTT Philippines will implement similar price cuts for gasoline and diesel also on 12:01 a.m. on Monday.
Flying V said it would roll back gasoline and biodiesel prices by P1 per liter from 12:01 a.m. on Sunday.
Including the price movements this week, the year-to-date total adjustments stand at a net decrease of P2.45 per liter for diesel and a net decrease of 20 centavos per liter for gasoline.
On Friday, the Department of Energy (DOE) said fuel prices were on the downtrend due to tempered speculation in the international market.
With report by Riza T. Olchondra
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