Oil firms cutting gas prices anew

Oil firms cut pump prices of fuel for the second week in a row as global supply was expected to further rise mainly with output from the United States.

Petron Corp. said starting at 6 a.m. on Sunday it was reducing prices of diesel by P1.25 per liter as well as that of gasoline by P1 per liter.

The homegrown refiner also slashed prices of kerosene by P1.20 per liter.

For Petron, this meant that diesel prices have gone down over the past five days by a total of P2.55 per liter. Prices of both gasoline and kerosene have fallen by P2.05 per liter.

Phoenix Petroleum Philippines Corp., which has 530 fuel stations nationwide, also announced a reduction of P1.30 per liter of diesel and P1.15 per liter of gasoline.

Other oil firms were expected to follow suit.

Diesel price in Metro Manila now ranges from P32.45 to P43.15 a liter.