Oil firms slash pump prices Tuesday

MANILA — Oil firms are expected to reduce pump prices of their petroleum products on Tuesday.

Pilipinas Shell Petroleum Corp., Petron Corp., Seaoil Philippines Inc., Phoenix Petroleum Philippines and PTT Philippines, in their respective advisories, said they would cut both gasoline and diesel prices by 65 centavos per liter.

Petron, Shell and Seaoil will also cut kerosene prices by 45 centavos per liter.

Shell, Phoenix and PTT will implement the price reduction at 6:00 a.m., while Petron and Seaoil will apply the changes at 12:01 a.m.

Petron said the price movements reflected international market prices, which were 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. Juzel Danganan/PNA/northboundasia.com