Oil firms roll back gas prices by 25¢ per liter

MANILA, Philippines - After jacking up prices by P2 per liter last week, oil companies announced yesterday a rollback in the prices of their products by 50 centavos per liter effective today.

Petron Corp., Seaoil Philippines Inc., and Phoenix Petroleum Philippines said they would reduce the prices of diesel and kerosene by 50 centavos per liter and regular gasoline by 25 centavos per liter.

Other oil companies are expected to follow suit.

Petron said the recent price adjustment is consistent with the movement of oil prices abroad.

Crude oil tumbled to a two-week low on speculation of Europe’s deepening debt crisis and steps to cool Asia’s economic growth that might reduce demand.

Oil slid three percent as European ministers gathered in Brussels to discuss aid to Ireland’s banks.

The Bank of Korea raised interest rates for the second time this year and the China Securities Journal said the Chinese government would take steps to control rising prices.

The drop accelerated after U.S. wholesale costs rose less than forecast in October.

“There are concerns about what the European debt crisis will mean for the economy and energy demand,” said Chris Barber, a senior analyst at Energy Security Analysis Inc. in Wakefield, Massachusetts.