Oil firms to cut pump prices Tuesday

MANILA — Oil firms said they will reduce pump prices Tuesday.

According to advisories from Pilipinas Shell Petroleum Corp. and Petron Corp., they will rollback gas prices by 65 centavos per liter and decrease diesel prices by 65 centavos per liter.

The firms will also cut kerosene prices by 45 centavos per liter.

Shell will implement the decrease at 6:00 a.m., while Petron will apply the changes at 12:01 a.m.

Petron said the price movements reflect trends in international market prices, which is computed from the five-day trading average from the previous week.

Last June 16, oil prices fell in global markets due to fears on the United Kingdom leaving the European Union. PNA/northboundasia.com