Oil companies cut pump prices anew

MANILA, Philippines - Petron, Chevron, and Seaoil announced last night that they would reduce the price of their gas by 50 centavos per liter effective today.

At the same time, they said they would also slash their diesel and kerosene prices by 25 centavos per liter.

The oil firms said the latest price adjustments were consistent with the movement of oil prices in the international market.

Chevron will carry out its rollback at 12:01 a.m. today while Petron and Seaoil will have their price reduction at 6 a.m.

The price cuts came after the oil companies increased their gas prices by P1 per liter last week.

Since last year, oil firms have been adjusting their prices almost on a weekly basis to make domestic oil prices reflective of the movements in the global oil market.