OIL FIRMS TO CUT GAS PRICES BY PHP0.60/LITER AND DIESEL BY PHP0.20/LITER TUESDAY

MANILA — Oil firms will roll back gasoline prices by 60 centavos per liter and diesel prices by 20 centavos per liter on Tuesday.

Petron Corp. and Seaoil Philippines Inc. (SPI) will implement the price adjustment effective 12:01 a.m., while Pilipinas Shell Petroleum Corp. (PSPC) and Phoenix Petroleum Philippines will reduce its prices at 6 a.m.

Shell, Petron and Seaoil said they will also slash their kerosene prices by 40 centavos per liter.

Eastern Petroleum Corp. will also lower its diesel prices by 20 centavos per liter and 60 centavos per liter at 6 p.m. on Monday.

Eastern Petroleum chairman and chief executive officer Fernando Martinez explained the “rollback reflects the continuous downward of oil prices in the world market.” PNA/northboundasia.com