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Local oil firms to slash fuel prices Tuesday

/ 06:38 PM December 28, 2015
A customers prepares to pump gas on Monday, Dec. 7, 2015, at a gas station in Pembroke, Mass. The price of a barrel of oil fell Monday to a nearly seven-year low. With OPEC's decision to keep pumping at current levels, analysts expect oil to remain relatively cheap well into 2016 and maybe longer. (AP Photo/Stephan Savoia)

A customers prepares to pump gas on Monday, Dec. 7, 2015, at a gas station in Pembroke, Mass.AP FILE PHOTO

Local oil companies are cutting the pump prices of petroleum products Tuesday, countering last week’s increases for gasoline and following through with decreases for diesel.

According to separate announcements, prices of gasoline will go down by 60 centavos per liter, of diesel by 20 centavos, and of kerosene by 40 centavos.

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Seaoil is taking the lead with the changes taking effect at 12:01 a.m. of December 29.

Petron, Pilipinas Shell and Phoenix Petroleum Philippines said they would do so six hours later at 6 a.m.

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The oil firms said the price cuts were meant to reflect downward movement in the international market.

In the series of weekly price movements at the pumps, this latest round of changes sums up at decreases for all three petroleum products this month.

For gasoline, cumulative price changes for December shows a decrease of 70 centavos per liter.

Cumulative price cuts are more significant for diesel at P3.50 a liter as well as for kerosene at P3.65 per liter.

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TAGS: Business, oil prices, Rollback
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