Oil companies slashed pump prices as early as noon on Monday as supplies from Libya, which stopped daily production of about 700,000 barrels of crude oil last week, returned to the international market.
First to implement price cuts at noon was Eastern Petroleum Corp., which reduced pump prices of diesel by P1 per liter and gasoline by 80 centavos per liter.
Also set to reduce prices on Tuesday are Pilipinas Shell, PTT, Phoenix, Unioil, Total, Seaoil, Chevron (Caltex) and Flying V.
All except Eastern reduced gasoline prices by 70 centavos.
So far this year, prices of diesel have gone down 10 times but gone up 20 times.
The result is a net increase of P8.25 per liter.
Also, prices of gasoline have gone down nine times but gone up 20 times for a net increase of P8.27. —Ronnel W. Domingo