MANILA -Local oil companies on Monday said they would slash the pump prices of petroleum products by up to 85 centavos per liter effective Tuesday, July 4.
In separate advisories, the firms announced that the prices of gasoline and diesel would both decline by 70 centavos per liter. The price of kerosene, meanwhile, was cut by 85 centavos per liter.
Shell and Seaoil will implement the price adjustments by 6 a.m. on Tuesday.
Last week, oil firms raised the prices of petroleum products by P0.20 to P1.25 per liter.
Fuel prices up by P0.20 to P1.20 per liter starting June 27
The Department of Energy said this resulted in a year-to-date net decrease of P3 per liter for diesel and P5.15 per liter for kerosene. Gasoline had a net increase of P6.55 per liter.
-CSN
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