By
Lenie Lectura - August 6, 2018
OIL firms
announced on Monday a price reduction in petroleum products following
last week’s oil-price hike.
Phoenix Petroleum,
Total Philippines and PTT Philippines said in separate advisories that gasoline
and diesel prices will go down by P0.10 per liter, respectively.
They will implement the
price rollback at 6 a.m. of Tuesday (August 7). Seaoil Philippines
will also implement the same price adjustment. It said Seaoil stations will sell
kerosene by P0.25 per liter cheaper. The oil firm’s downward price adjustment
takes effect at 12:01 a.m. of August 7.
Other oil firms are
expected to follow suit.
Last week oil companies
increased the price of gasoline by P1.15 per liter, diesel by P0.95 per liter
and kerosene by P0.85 per liter.
Local pump prices are
mainly influenced by the crude prices in the world market, the peso-dollar
exchange rate and taxes.
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