OIL FIRMS TO SLASH PUMP PRICES TUESDAY

MANILA – Oil firms will cut gas prices by 10 centavos per liter and diesel prices by 70 centavos per liter on Tuesday.

In separate advisories, Pilipinas Shell Petroleum Corp. (PSPC), Phoenix Petroleum and PTT Philippines said they will apply the price changes at 6:00 a.m. on January 12.

Shell added it will also reduce kerosene prices by 70 centavos per liter.

The energy department’s oil monitor could not be accessed for a price comparison.

Phoenix Petroleum explained the price cut “reflects the downward price movements of petroleum products in the world market brought about by oversupply in the region and the economic slowdown in China and notwithstanding the tensions between Saudi Arabia and Iran.” PNA/ northboundasia.com