MANILA — Oil firms will slash pump prices Tuesday, pushed by the lower petroleum prices in the global market.

In separate advisories, Pilipinas Shell Petroleum Corp. (PSPC), PTT Philippines Corp. and Seaoil Philippines Inc. (SPI) said they will cut diesel prices by Php 1.45 per liter and gasoline prices by Php 1.00 per liter.

The three firms will implement the rollback at 6:00 a.m. on Tuesday.

Shell said it will also reduce kerosene prices by Php 1.25 per liter.

Eastern Petroleum Corp., on the other hand, will lower diesel prices by Php 1.50 per liter and gasoline prices by Php 1.10 per liter at 6 p.m. on January 18.

Phoenix explained the price cut was due to the softening of petroleum prices in the world market.

Eastern Petroleum chief executive officer Fernando Martinez also said the lifting of sanctions in Iran will further push down petroleum prices and commodities.

According to the Department of Energy’s (DOE’s) oil monitor, diesel prices are playing between Php 19.28-23.10 per liter. It has a common price of Php 20.50 per liter.

Gasoline, however, ranges from Php 33.30-40.65 per liter. It has a common price of Php 38.10 per liter. PNA / northboundasia.com